A legal trust is a powerful estate planning tool that enables individuals to control how their assets are managed and distributed after passing. It is an arrangement where a person, known as the grantor or settlor, transfers their property to a trustee, who manages it to benefit one or more beneficiaries. Trusts may either be revocable or irrevocable, and they can serve many purposes, such as protecting assets from creditors, minimizing taxes, and ensuring that assets are distributed as the grantor wishes.
In Myrtle Beach, South Carolina, trusts are governed by state law based on the Uniform Trust Code. The state allows for a broad range of trusts, including living, testamentary, special needs, and charitable trusts. Each type of trust has its purpose and requirements, so working with an experienced estate planning lawyer is essential to determine the kind of trust that best suits your needs.
One of the most popular types of trusts is a revocable living trust, created during the grantor’s lifetime and can be revoked or modified at any time. This type of trust can aid in avoiding probate, which is the court-supervised process of distributing a person’s assets after passing. Probate is often time-consuming and expensive, so many people create a living trust to simplify the process and ensure their assets are managed according to their wishes.
Another type of trust that may be useful in Myrtle Beach is a special needs trust. With a special needs trust, the needs of a disabled person are provided for without harming their eligibility for benefits such as Supplemental Security Income (SSI) or Medicaid. By putting assets in a special needs trust, one can ensure that their loved one with special needs will be provided for without losing access to valuable government benefits.
Trusts can be invaluable for protecting and distributing assets in Myrtle Beach. Working with an Attorney experienced in estate planning, individuals can create a customized trust that meets their unique needs and goals. Whether you’re looking to protect your assets from creditors, minimize taxes, or ensure that your loved ones’ needs are met after your passing, a trust may be the right solution. Reach us at (854) 854-1400
