South Carolina parents who are creating an estate plan might want to consider using a trust instead of a will. A trust can offer a number of advantages and give a parent more control over how his or her assets are distributed.
Why a trust may be a better option than a will
Estate plans that should be updated
People in South Carolina who fail to regularly review their estate plan may do so for various reasons. They may be reluctant to talk about death or may be intimated by the complex documents or tax laws. However, an estate plan that is not properly up to date may not be efficient enough to ensure the assets of an estate are distributed as preferred by the estate's owner.
Advantages of a revocable trust
For fairly straightforward estates, a last will and testament may be sufficient for passing assets on to beneficiaries. However, some estate owners in South Carolina might want to consider a living trust, also known as a revocable trust. This estate planning vehicle has a number of advantages for people with larger estates or more complicated financial or family situations.
