Many people neglect to form a trust during the estate planning process, which can be a costly mistake. Having both a will and a trust in your estate plan can help your loved ones distribute your estate more easily, ensuring your last wishes are respected once you pass away.
Our Greenville trust lawyers will work with you to draft the perfect trust for your estate plan. To schedule a consultation with our team, contact us onlineor via phone at (704) 286-0570.
Why Do I Need a Trust?
The most significant benefit of a trust is that assets in a trust don't have to go through probate after a decedent passes away.
When an individual passes away, the court uses probate to distribute their estate and ensure items in their will are properly awarded to beneficiaries. However, probate can be a long, expensive process. Assets held in a trust can be awarded to beneficiaries without going through probate, making it significantly easier to distribute assets such as real estate, vehicle, and heirlooms.
However, it's important to note that a trust is not capable of achieving everything a will can. For example, you cannot use a trust to establish Power of Attorney or suggest a guardian for your children—you need a will to do that. For this reason, most estate planning lawyers suggest that individuals use both a will and a trust in their estate plan.
It's worth noting that, in cases where a decedent's estate is worth less than $20,000, South Carolina uses a Uniform Probate Code, and a trust may not be necessary. You should speak with an estate planning lawyers to figure out whether a trust is right for you.
How Do I Create a Trust in SC?
You can work with an estate planning attorney to draft a legally enforceable trust.
You'll need to inventory your property and decide what you want to include in the trust. Then, you must name a trustee to administrate the trust. Many people name themselves the trustee so they can adjust the trust while they're alive, and appoint a successor trustee to administrate it post-death. You can work with your lawyer to draft a legally sound trust.
After creating the trust, you must sign it in front of a notary public and have the document notarized. You must also change the titles on the property included in the trust to reflect the information included in the trust.
Our Greenville trust lawyers can help you safeguard your assets and draft a comprehensive trust that will hold up in court.
To schedule a consultation with our team, contact us onlineor via phone at (704) 286-0570.
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