Why choose a Revocable Trust v Last Will and Testament?
There are several reasons why a Revocable Trust is chosen over a Last Will and Testament. First and foremost, the decision is specific to the situation, needs and circumstances of each client. Privacy Issues: Many people choose a Revocable Trust because it maintains privacy. In North Carolina a Last Will and Testament is public record once a Probate is started. This means that your assets, listed on the Petition, are viewable by other parties not members of the Court system. A Revocable Trust is not required to be filed with the Court when you pass away therefore maintaining your privacy. Monetary Issues: In North Carolina the maximum allowed Court fees for a Probate is currently (2009) $6,000.00. However, there is legislation that may be passed that will increase this amount to $12,000. Many clients feel that they would rather have the Estate pay this amount at their death as opposed to paying the extra fees now and transferring all the assets into a Trust.
