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Terms matter when you are writing a trust

| May 28, 2020 | Trust |

South Carolina law allows people with assets to create trusts that protect them. A trust can have many functions, such as conferring ownership of homes and other valuable properties to people before they would be included in a will. They can also protect the value in assets for future generations and benevolent causes.

The beneficiary is perhaps the most important part of a trust, as this person or organization is more or less the reason that a trust exists. This entity has a vested interest in the trust and the value contained in it, either now or in the future based on the terms of a trust.

A conservator is the person seen by a South Carolina trust to administer the trust. The court may appoint a conservator or one may be requested by the creator of a trust. This person cannot have a vested interest in the trust, as this would be seen as a conflict of interest.

Property is anything that may be included legally in a trust in the Palmetto State, such as real estate that is outright owned by the person creating a trust. It may also include any new value that assets accrue while in a trust.

The creator, beneficiary or conservator of a trust may need legal help at some point during the lifetime of a trust. Attorneys can help create a trust that accomplishes the right goals as well as help sort out interests in one. A lawyer may also help create trusts with different options, such as revocability or availability to beneficiaries as they age.