Many times, an inheritance comes without conditions. If you put someone in your will and leave them $100,000, they simply get that money when you pass away. All that matters to the estate executor is finding the right person and distributing the funds.
Disputes over properties held in trust are often complicated and time-consuming, and they can also take a lot of resources and energy away from vital operations. This is why it's important to be very specific about the intentions for any trusts, whether they're designed to benefit someone's heirs or they're being used to hold property and assets for an organization or charity.
"It's all for the children." That's what smart landowners and wealth managers say. You should think of what you own as something you give as your legacy. It is all something you are holding in trust for your successors.
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 most important decisions in life are often so vital because they cannot be unmade. Marriages, births and other commitments are for life. Even when marriages end, children or assets from them can last far longer. Many of those consequences, whether they are considered good or bad, are thing with which people simply have to live.
Is it time to plan your estate? If you can wonder whether or not you should, it's probably time to do it. Anyone with a family, a job, causes to support or any other connection in life wants to know that these valued people and entities are getting what you want them to have.
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.
People in South Carolina and throughout the country who get divorced after the age of 50 may face unique estate planning challenges. TD Wealth conducted a survey of 112 financial professionals to determine what those challenges may be. Of those who responded, 39% said that getting divorced later in life can increase the cost of retirement. Those respondents also said that ending a marriage could make it harder to adequately fund a retirement.
A revocable living trust can help individuals hold their assets. Some South Carolina residents who have a trust may wonder if they should use it to hold a 529 college savings account for a child's future education.
While most estate owners in South Carolina probably have heard of wills and trusts, some may not understand the difference between the two. Trusts can help individuals manage their assets while they are alive. On the other hand, wills dictate how assets are disbursed after the creator dies. In some cases, a will can contain instructions to transfer assets into a trust when an individual passes. The level of control one retains over a trust depends on what type of document is created.