Wills and Trusts

Understanding a Trust

A trust is a legal entity that exists to hold assets on behalf of one or more beneficiaries. The trust is created by a grantor and is filled with assets of almost any kind. These assets are then managed by a trustee during the term of the trust. Trusts can last for a person’s lifetime, for a set number of years or until the beneficiary reaches a certain age.

Beyond this broad description, trusts take on many different forms. Trusts can be either revocable or irrevocable, meaning they can be created and undone at will. Some trusts begin during the grantor’s lifetime, while others exist only after a person’s death. Trusts are incredibly versatile tools that can be used to accomplish many things. A knowledgeable South Carolina estate planning attorney can construct a trust designed to fit your needs.

WHAT IS THE DIFFERENCE BETWEEN A TRUST AND A WILL?

Many people try to make over generalizations when it comes to the powers of trusts or the ease of wills. The truth is that one is not necessarily better or worse than the other, they are just different. Both are incredibly useful and can have a place in an effective estate plan. Where a trust may be a huge benefit to some families, it may not make sense to others. Where a will is a great vehicle for distributing some assets, it may make less sense for passing along others. Consult an experienced South Carolina estate planning for help crafting the right plan for you.

Estate Planning Services

N

Last Will and Testament

N

Power of Attorney

N

Trusts

N

Health Care Directive

N

Estate Plan Review/Revisions

N

Probate Administration