Wills, Trusts, and Estate Planning & Administration
Every client has a unique set of circumstances that factors in how assets will be distributed upon death. Caring for your family and protecting your assets are important matters during life and after death. Wills, trusts, and powers of attorney are written documents to accomplish those goals. The Tran Law Firm will take great care in developing an estate plan that reflects each client’s unique situation to lessen the burden on your family by planning for their care and financial well-being. We assist our clients in the probate and administration of a loved one’s estate and the transfer of their assets after death. We are here to guide our clients through the confusing legal issues during this difficult time. Some of the estate planning documents that we prepare are:
- Power of Attorney – a legal document in which the principal appoints an agent to act for the principal usually for handling financial or business matters.
- Healthcare power of attorney – a written document appointing another person to make healthcare decisions for you when you lose capacity, such as giving consent to medical treatment, accessing your medical records, and admitting or discharging you from the hospital.
- Living wills – is a written document that expresses your desires regarding life-sustaining procedures and pain alleviating treatment when you become terminally ill or if you are in a persistent vegetative state.
- Will – is a legal document that allows you to control how assets you own are distributed at your death, nominate a guardian for your minor children and set aside funds for their care and well-being. Without a will, N.C. law determines how and to whom your assets will pass. If you have a will from another state, let us review that will to ensure that it meets the requirements of N.C. law.
- Trusts – A revocable living trust is an agreement between the “grantor” and a trustee, where the grantor transfers assets to the trustee and provides instructions to the trustee on how to manage the assets in the trust. The instructions typically specify how the assets are held and used during the grantor’s lifetime, and how the assets are to be distributed after the grantor’s death. The grantor can also be the trustee of a revocable living trust and could make all decision concerning the assets in the trust. Assets titled in the revocable living trust will avoid probate at the grantor’s death. Unlike wills, revocable living trusts can provide a way to manage the assets during times of disability.
- Pet Trusts