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?
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