What are the trusts for an estate plan?

Trusts are key components of estate planning in South Carolina. They allow individuals to maintain control over their assets while they are alive, and after they are gone. In general, a trust is a legal relationship between a grantor (also called a settlor or trustor) and a trustee where the trustee holds legal title to property for a beneficiary. The grantor transfers assets to the trust during his or her lifetime, and the trust stipulates how those assets are to be managed, invested, and distributed. Trusts can be used for many estate planning purposes, such as protecting assets from creditors, avoiding probate, providing for minor children, protecting assets for future generations, and providing for a disabled person. There are several types of trusts used in estate planning, including revocable and irrevocable trusts. A revocable trust, also known as a living trust, can be amended or revoked by the grantor during his or her lifetime and is often used to avoid probate. An irrevocable trust cannot be amended or revoked by the grantor and is usually used to protect assets from creditors or for certain tax planning purposes. Other types of trusts used in estate planning include special needs trusts, life insurance trusts, charitable trusts, and dynasty trusts. Each trust has its own unique purpose and can provide tailor-made solutions for a family’s estate planning goals. It is essential to speak with an experienced South Carolina estate planning attorney to determine which type of trust best suits your needs.

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What are the trusts for an estate plan?

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