A trust is a versatile estate planning tool that offers numerous benefits, including asset protection, tax efficiency, and probate avoidance. In South Carolina, understanding different trust structures can help secure your financial legacy.

Types of Trusts

1. Revocable Living Trust: This allows you to retain control of your assets during your lifetime while simplifying the transfer process after your death.
2. Irrevocable Trust: Once established, the terms cannot be changed. It’s ideal for protecting assets from creditors and reducing estate taxes.
3. Special Needs Trust: Designed to provide for a loved one with disabilities without jeopardizing their government benefits.

Benefits of a Trust

• Avoids probate, saving time and money.
• Provides privacy since trust details are not part of the public record.
• Ensures seamless management of assets in case of incapacity.

FAQs

Q: Do I need a trust if I have a will?

A:  A trust can complement a will by addressing specific needs, such as avoiding probate or protecting assets.

Q: Can I be the trustee of my own trust?

A: Yes, for a revocable trust, you can act as the trustee and maintain control of your assets.

Q: How much does it cost to set up a trust?

A: Costs vary based on complexity. Consult an attorney for a tailored solution.

Protecting your assets with a trust ensures your legacy is preserved. Winslow Law specializes in creating personalized trust solutions. Contact us to discuss your estate planning needs.