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As a general rule, a beneficiary is entitled to a copy of the trust document, any deeds of variation of the trust, deeds of appointment and trust accounts. If further information is requested, it is at the discretion of the trustee as to whether it will be provided.
Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.
The Cons. While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.
A trust is a way of managing your assets, in this case property, by transferring them to another person, either a child or family member. Although technically the property will no longer be in your name, you will still have some control over how the property is used.
A trust does not go through the North Carolina probate process and becomes a matter of public record.
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Another reason to use a trust is that it creates a veil of privacy for you and your family. Wills become part of the public record when they go through probate. Your trust will never become public record and no one needs to know what assets are in it, who your beneficiaries are, or how assets are being distributed.
The only people allowed to view the wills of living persons are the person who signed it, the persons attorney, and the persons authorized agent. A will does not become public information until the testator passes away and it is filed with the probate court.
Another reason to use a trust is that it creates a veil of privacy for you and your family. Wills become part of the public record when they go through probate. Your trust will never become public record and no one needs to know what assets are in it, who your beneficiaries are, or how assets are being distributed.
Likewise, North Carolina law provides that all current trust beneficiaries have a right to receive a copy of the trust document, and a right to financial accountings and trust management records at reasonable intervals. It is a good idea for a trustee to be proactive, and responsive, in providing these items to
Unlike a will, you dont need to sign a trust in front of witnesses to make it legally enforceable in North Carolina. Instead, you simply need to draft a trust document (doing this with the help of an attorney is advisable), assign enough property to the trust to fund it, and sign the trust in front of a notary public.

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