What is a revocable living trust?

A revocable living trust is a type of trust used in Elder Law in South Carolina, which allows someone to control their assets even after they die or become incapacitated. The trust is managed by a trustee who is responsible for distributing the assets it contains according to the person’s wishes. A revocable living trust is different from a will because it is able to be changed or revoked at any time. This allows the person to keep control of their assets while they are alive and can make decisions about how it is managed. Additionally, these trusts provide more privacy than a will as the beneficiary information and asset details are not available to the public. The assets in the revocable living trust can be transferred to beneficiaries after the person’s death without the need for a lengthy probate process. It is also tax-advantaged, allowing the beneficiaries to avoid paying federal estate taxes on the assets. Another advantage of a revocable living trust is that it allows the person to name someone who will make decisions on behalf of the trust in case of incapacity or death. This can protect the person’s assets in case they are unable to make decisions for themselves. Overall, the revocable living trust is an important part of Elder Law in South Carolina, allowing people to control their assets and make sure they are distributed according to their wishes. It is a valuable tool that can help provide security and peace of mind.

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What is a revocable living trust?

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