What is a living trust?

A living trust is a legal document created with the help of an experienced attorney that outlines how a person’s assets and finances should be managed during their lifetime and after they pass away. The trust document is put into effect while the the person is still alive, and it often includes specific instructions on how and when the person’s assets should be distributed to their beneficiaries after death. In South Carolina, a living trust offers many advantages over a simple will. For example, when someone creates a living trust they can designate who will be in charge of their assets—the trust will remain in effect even if the person becomes incapacitated. Additionally, with a living trust the person’s assets can be distributed to their beneficiaries more quickly than with a will, as it does not need to pass through the probate process. A living trust also helps protect a person’s assets from creditors and can help reduce estate taxes. Additionally, since a living trust is not made public like a will, the beneficiaries can carry out the person’s wishes with less scrutiny from the public or media. In order to create a living trust, one must choose a trustee to manage the trust’s assets and designate a beneficiary to receive the assets after the person passes away. It is important to work closely with a qualified attorney to ensure the living trust accurately reflects the wishes of the individual.

Related FAQs

What is a will?
How can I protect my assets from taxes?
How do I designate a guardian in a will?
Who will receive the estate if a will is invalid?
How do I ensure my will accurately reflects my wishes?
Are there any limitations on what I can give away in a will?
What is a no-contest clause?
What happens to a will after probate?
What is a testamentary trust?
Can a will be amended or modified after it is signed?

What is a living trust?

Related FAQs

Related Blog Posts