South Carolina residents who want to begin estate planning should consider more than just a will. A revocable living trust is a great option for many reasons.
What is a revocable living trust?
A revocable living trust is a legal document that determines how a person’s assets and property are divided upon their death. Because it’s a living trust, it’s created during the person’s lifetime and can be overseen by them if they choose to do so.
What can a revocable living trust do?
You can fund your trust by adding assets and property to it. These things can be held for beneficiaries who will ultimately receive them as inheritances upon your death. However, during your lifetime, you can continue to make changes to the trust and add or remove assets and property as you wish.
You can avoid having assets and property go through probate after you pass away. If you only had a will and then died, your property and assets would go through the probate process. A revocable living trust can bypass it. As a result, your beneficiaries can receive their share of your assets and property faster.
Revocable living trusts are better to have if you prefer to keep everything private. They don’t go on public record, which means that no one will see what’s happened with your assets after you pass away. Your beneficiaries are also protected by privacy.
You retain control over the trust and everything held within it. This offers you a good level of flexibility and control that you might not have without the trust.
The trust can also protect you in the event that you become incapacitated. You can name someone trustworthy to take over as trustee if this ever happens so they can oversee it.
A revocable living trust is a good idea for many people. You might want to consider one while planning your estate.