Unless the necessary documents are created, your finances and assets must go through probate, which means your beneficiaries won’t obtain everything you leave behind after you pass away in South Carolina. Real estate and retirement accounts must all go through probate. Creating a living trust can protect your assets and investments, allowing your beneficiaries to receive everything without heading to court. Other ways to avoid probate include establishing joint ownership of real estate even if you’re not married, giving away your property, and opening pay-on-death financial accounts.
What steps should you take to avoid probate?
Although it may be challenging to avoid probate, creating a living trust is your best defense to prevent the state from having its share of your assets and money. A living trust protects your privacy and can allow you to save money by helping your loved ones avoid going through the court-supervised process. It also allows you to have peace of mind knowing your family members will receive your inheritance and will allow you to have a clear and detailed plan with all your assets. A living trust offers more privacy than a will and won’t fall subject to state laws. You’ll need to take inventory of everything you own and consider who you want to inherit specific items or everything before working with a legal representative who has experience handling probate administration.
Who can you contact for legal assistance?
If you want to set up a living trust, reach out to an attorney with experience in probate administration. The legal professional can guide you through the process and help you to avoid mistakes to ensure your living trust is valid and recognized by the state. You can also consult their services to contest wills or if you need probate litigation.