Does Your Estate Plan Need A Trust?
In addition to a will, other estate planning tools can help you accomplish your goals. One of the tools you may need is a trust. With a trust, you can set aside and protect certain assets for a specific purpose, such as the care of a disabled loved one, charitable giving and other reasons. You can protect assets from creditors. Through a trust, you can also pass assets directly to the person you want to have them without the cost, delay or publicity of a probate proceeding.
There are various types of trusts; the one that will offer the most benefit to you depends on your individual objectives. At Mack & Mack Attorneys in Fort Mill, part of our estate planning services includes identifying your options and establishing trusts, if appropriate and beneficial for you.
The Advantages Of Various Types Of Trusts
A trust is a powerful estate planning tool and several options are available. Different trusts accomplish different things, and the right choice depends on factors unique to your individual situation and the needs of your South Carolina family.
A trust places specific assets under the control of a trustee who must use them in accordance with your wishes in the interests of named beneficiaries. Among the types of trusts are the following:
- A revocable trust (also known as a living trust) allows you to control which assets are held in the trust during your life. When you die, the trust assets will not go through probate, likely cutting the amount of time and money involved in administration of the estate, as well as public scrutiny.
- An irrevocable trust is less flexible than a living trust. Once you place assets in the trust, you cannot remove them. This type of trust may have tax benefits, depending on your individual circumstances.
- A special-needs trust is part of a plan to provide for the needs of a person with a disability or other special needs.
- An educational trust is part of a plan to ensure that certain assets are used for a person’s education.
Our lawyers will carefully and thoroughly evaluate your situation, identifying the most appropriate types of trusts that could be beneficial additions to your estate plan.
Call For Your Evaluation Today
You deserve to know your options. If you believe a trust could be appropriate for you or you have other estate planning concerns, contact our office online or call us at 803-548-4751 for an appointment for an evaluation.