What is a trust?

A trust is an estate planning tool used to manage assets for the benefit of another person. In South Carolina, trusts are an important part of elder law because they can be used to protect assets and ensure the wishes of the creator are followed. A trust is a legal document created by one person (the trustor) to be managed and controlled by another person (the trustee). The trustor transfers ownership of assets into the trust, and the trustee holds them for the benefit of one or more designated individuals (beneficiaries). For example, a trustor may transfer their real estate into a trust to be managed and controlled by the trustee for the benefit of their children. A trustor may also set conditions on how the trust assets may be used or distributed. For example, the trustor may stipulate that distributions from the trust be used for educational expenses for their children. The trustor may also designate a guardian or conservator to manage the assets of the trust if the beneficiary is underage or cannot manage the assets due to disability. In South Carolina, trusts are a common estate planning tool used to manage assets for the benefit of another person and ensure the wishes of the creator are followed. They provide a way to protect and manage assets while ensuring that the beneficiaries are taken care of in the way intended by the trustor.

Related FAQs

How do I plan for Medicaid eligibility?
What is a probate avoidance trust?
How do I find an Elder Law attorney?
How do I choose a nursing home?
What is a durable power of attorney?
What is a trust fund?
What are the tax implications of giving away property?
What is an irrevocable trust?
What is an elder mediator and how can they help me?
What is a guardianship?

What is a trust?

Related FAQs

Related Blog Posts