What is a revocable trust?

A revocable trust is a legal document that can be used to manage assets during a person’s lifetime and after death. In South Carolina, a revocable trust is established by a written agreement between the trustor (person who creates the trust) and a trustee (person who manages trust assets). The trustor has the right to change the terms of the trust, or revoke it, at any time during his or her lifetime. The trustor can determine who will receive assets from the trust either during his or her lifetime or at death. This makes it possible to avoid probate on the assets in the trust. The assets of the trust are held and managed for the benefit of the trustor’s beneficiaries. In South Carolina, a revocable trust may be used to avoid probate, to reduce estate taxes, and to control the management of assets. It can also be used to stipulate how assets will be managed and distributed after the trustor’s death. The trustor in a revocable trust can also name himself or herself as the trustee. This is a good choice for individuals who want to maintain control of the trust assets during their lifetime. However, it is important to note that once the trustor dies, a new trustee must be appointed by the trustor’s personal representative in accordance with South Carolina law.

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What is a revocable trust?

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