Trusts and Estate Planning
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Estate planning can include many different legally binding documents. And one of the most effective tools in any estate plan can be creating a trust. A trust allows someone, known as a trustor, to create a trust and designate someone known as a trustee to hold the legal title of property or assets for the trustor's benefit.
Many people create a trust in order to avoid probate, a mandatory legal process that must be undertaken to verify a last will and testament. Trusts also often allow individuals to minimize estate taxes for their heirs.
Estate law can be very complicated, especially when it comes to creating a trust. That's why it's important that you talk to a lawyer who thoroughly understands estate law in South Carolina. That's why the attorneys at Matthews & Megna want to meet with you.
Types of trusts
There are many different types of trusts people can create to manage their assets. Some of the most common trusts include:
- Living trust - Sometimes referred to as an inter-vivos trust, this document allows the person who created the trust to use and have access to assets placed in the trust during their lifetime. The assets are then transferred to the trustee after the individual's death.
- Revocable trust - This type of trust can be changed or revoked during the trustor's lifetime. Upon the trustor's death, the assets in the trust are then transferred to the trustor's beneficiaries without having to go through the probate process.
- Irrevocable trust - This type of trust cannot be changed or revoked during the trustor's lifetime. Instead, the trustees technically own the assets in the trust. As a result, the assets are not subject to estate taxes or probate after the trustor's death.
- Testamentary trust - Also known as a will trust, this type of trust does not go into effect until the death of the trustor. As a result, many testamentary trusts are included in a trustor's last will and testament.
- Generation-skipping trust - This type of trust allows the trustor to designate grandchildren or later generations as the recipients of the trustor's assets in the trust. This type of trust allows future generations to avoid estate taxes.
There are many other types of trusts available. We can help you decide which one makes the most sense for you and your family.
Why choose us
Experience matters when it comes to estate planning. That's why you want an attorney who thoroughly understands South Carolina's estate planning rules and regulations working with you to create a trust.
Our knowledgeable lawyers have years of experience creating legally binding trusts for people throughout South Carolina. As your attorney, we can walk you through all the options available to you and the various pros and cons of each one.
You worked hard to build your estate. We can help you preserve it for future generations. Contact us and schedule an appointment today. We put your family's best interests first.