What is a living trust?

A living trust is an estate planning document designed to provide financial security for you, your family, and your beneficiaries. It is a legal document that transfers the legal title of your assets from your individual name to that of the trust. The person who establishes the trust is known as the “grantor”; and the person placed in charge of the trust is known as the “trustee”. In South Carolina, a living trust will allow the grantor to control their belongings during their lifetime, as well as after death. When setting up a living trust, the grantor has the ability to decide who will manage their estate, how and when their assets will be distributed, and is available for any other instructions related to the estate. Generally, a trust can provide better asset protection than a will, as it helps protect the estate from creditors and court intervention. It also prevents probate and reduces estate taxes. Living trusts are a beneficial form of elder law in South Carolina. They allow the grantor to have greater control over their assets during their life, in addition to providing more asset protection and reducing taxes.

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