You gave careful thought to what you want your will to accomplish. You made sure all the terms of your will are consistent with your wishes. Even if you've done all these things, the probate process could still end up going very differently than you would have wanted if you make a critical mistake in your will. This mistake is picking the wrong executor.
Trusts vary greatly in their design and purpose. But all trusts do share some similarities. For example, each trust has three main roles in it: trustor, trustee and beneficiary. In today's post, we'll go over what each of these roles means.
South Carolina residents can use an estate plan to ensure that their assets are managed according to their wishes and that their beneficiaries are not overly burdened with handling the estate. The inclusion of a trust is an important part of having a complete and efficient estate plan.
Many people living in South Carolina understand the importance of having a will. What they may not understand, however, is that a will is just the start of a comprehensive estate plan. While wills are helpful in ensuring that a deceased person's wishes regarding asset distribution are respected, other documents and plans are necessary to protect the interests of both the individual making the estate plan as well as their dependents.