Blythewood Residents Can Use Estate Planning to Avoid Probate Court
If you have money or property you specifically wish to pass to your family members, or even friends, it could be important to focus on detailed estate planning to avoid probate court, so there are no legal disputes or hurt feelings among your family members. One way to do this is to set up a living trust.
Living trusts can be set up for any asset you own – real estate, cars or other vehicles, bank accounts including savings accounts, and so on. You will create a document similar to a will which names the trustee who will receive the property after your death. This person is called a successor trustee. Once that document becomes legal, you must transfer your ownership of your property to the trust – you hold the property on behalf of the trustee while you live, and when you die the property passes to the successor trustee. Terms of the trust will specifically set up your control over the property.
Living Trusts as Estate Planning in South Carolina
Living trust are also called revocable trust in South Carolina, because you may create terms in the trust documents to allow you to change the terms at any time. You can fund the trust during your lifetime, aka cede control of assets to the trust, or you may create terms to fund the trust upon your death. Many people who wish to donate money or property to societies or charities choose the latter.
If you have more than one family member you wish to take care of with a living trust, you may designate a co-trustee. Many people with two children take this option.
I Want to Set Up a Living Trust for My Family, How Do I Do This With Estate Planning Law?
If you wish to discuss a living trust or any other type of estate planning, the South Carolina estate planning attorneys at the Strom Law Firm can help. We understand the intricate details of South Carolina will, trust, and estate planning law and can help you sort out the best option for you and your loved ones. Contact us today for a free consultation.