Many people in South Carolina and throughout the nation procrastinate when it comes to estate planning. This is because it can be uncomfortable for individuals to contemplate their own mortality. However, it can be in a person’s best interest to create a revocable living trust as soon as possible. As the name implies, the trust is in force while a person is still alive, and its terms can be changed at almost any time.
One of the key benefits of a living trust is that it can help assets avoid probate. This means that an estate can be settled in a timely manner, and it may also allow an individual to keep financial information hidden from the public. The probate process is a matter of public record, and the same is true of any will that is presented to a probate judge.
A trust is more likely to hold up to a legal challenge than a will is, which may minimize the chances of conflict between family members. The presence of a legal challenge may increase the amount of time and money spent settling an estate. This could result in beneficiaries getting only a portion of their inheritance or nothing at all. Furthermore, avoiding probate can help to save both time and money settling a deceased person’s estate.
For many, a trust might offer a variety of benefits both before and after passing on. Individuals who are interested in creating a trust may benefit from speaking with an attorney. Doing so may help them learn more about the different types of trusts available, how much they cost to create and how to properly title assets in its name. Failing to title assets properly could nullify the trust, which might result in the need for probate.