Know the Difference Between a Living Trust and a Will in Camden
When planning for your family’s future after your death, you may automatically consider a will. Sometimes, people set up trusts to secure their property and finances for family members while they are still alive. There are subtle differences between wills and trusts in estate planning, and it is important to understand those differences.
Both wills and living trusts contain information about inheritance in the event of your death, or if you unexpectedly become unable to handle your financial affairs. Wills are often adequate if you have a modest estate, but your family will go through the probate court process to ensure all parties adhere exactly to your wishes. Trusts are often set up by people with larger estates who do not want their family to go through a lengthy probate court process.
Setting Up a Will Or Trust in South Carolina as Part of Your Estate Planning Process
If you do not have a will or trust, or any other form of estate planning, set up for your family, then the state will go through a probate court process to divide your property, especially if there is a dispute among your family members regarding inheritance or heirlooms.
To avoid a potential family struggle, wills and trusts make your wishes known to your loved ones so that they can focus on their grieving process.
I Want Begin Estate Planning, What Should I Do?
If you want to discuss laws and possibilities for estate planning, including wills and living trusts, the South Carolina estate planning attorneys at the Strom Law Firm can help. We offer a free consultation to discuss your wants and needs, to see how we can help you. Contact us today. 803.252.4800