Assisting Clients with Trusts and Other Estate Planning Tools

If you’re thinking about making an estate plan, you may be interested in how a trust can benefit your family long term. After all, trusts are among the most common estate planning documentsbecause they offer unique benefits that wills and other options don’t, such as avoiding probate and protecting your family’s privacy.

Of course, not everyone has the same goals for their estate plan, so it’s important to consult a skilled estate planning lawyer before choosing the right tools for your family. If you’re ready to discuss trusts and other estate plan elements, contact Chad Brown Law, PLLC today to speak with a knowledgeable trusts lawyer in South Carolina.

Why Should You Include a Trust in Your Estate Plan?

 If you’re unfamiliar with how trusts work, you might wonder why so many estate planning lawyers recommend them. The answer is that they have several benefits that might appeal to you if you want to protect your estate and your family long-term.

 One of the main advantages of trusts is that they avoid probate, unlike wills. The probate processallows the court to ensure your will is valid and your estate pays anydebts before your beneficiaries get your assets. This takes several months and costs the estate legal fees, which means your beneficiaries won’t get their inheritance immediately. Butwhen you transfer your assets into a trust, they’ll skip probate and be distributed to your family members right away.

 Trusts can alsooffer your family privacy when they get their inheritance, since they’ll avoid the public probate process. Additionally, making a trust can save you money on estate taxes and allow you to control when your beneficiaries get your assets. Finally, certain types of trusts can protect your assets from creditors, since you’re no longer legally the owner of the assets you transfer to your trust. If any of these trust benefits appeal to you, contact Chad Brown Law, PLLCfor estate planning assistance.

 Should You Make a Revocable or Irrevocable Trust?

 There are two main categories that trusts can fall into: revocable and irrevocable. Each kind has its own advantages that might interest you, so you should ask a South Carolina trusts lawyer to advise you based on your estate planning goals.

 With a revocable trust, you can appoint yourself as the trustee. This means you can remain in control of your assets during your lifetime, as the trustee can alter or revoke the trust. This makes it possible to move assets into or out of the trust as needed, so this may be the right option if you think you’ll want to make changes to your trust before you pass away.

 By contrast, when you make an irrevocable trust, you cannot appoint yourself as the trustee. This means you can’t revoke or alter the trust, sinceonly the designated trustee can do that. While not having control of your assets sounds likea disadvantage, it’s actually an advantage if you’re sued. This is because once your assets are in an irrevocable trust, you no longer legally own them, so they can’t be seized for payment. This arrangement can reduce the taxes your estate owes, as well.

 In general, revocable trusts are popular among South Carolina residents who want the flexibility to adjust or revoke their estate. However,an irrevocable trust – also called an asset protection trust – often appeals to those worried about creditors or courts trying to seize their assets. If you’re unsure which one meets your needs, call Chad Brown Law, PLLC today for estate planning advice from a skilled lawyer.

 What Are the Most Common Kinds of Trusts in South Carolina?

 Once you decide between a revocable and irrevocable trust, you shouldconsider the specialized trusts available to you. These are meant to meet specific needs that you need to think about when planning for your family’s future. Some examples of specialized trusts include:

• Testamentary trust, where atrust is created only after you pass away
• Special needs trust, which safeguards money for a disabled family member without pushing their income above the limit for Medicaid and other government programs
• Spendthrift trust, which lets you put restrictions on when and how your heirs can spend the assets in the trust
• Charitable trust, which lets you leave certain assets to your preferred charities and the remaining assets to yourheirs
• Irrevocable life insurance trust, where the trust is the beneficiary of your life insurance proceeds so you can avoid estate taxes

 These are only a few of the types of trusts you can choose from as you make an estate plan. If you have a unique situation and want to know if there’s a trust that’s right for you, call a South Carolina trusts attorney for legal advice. Our law firm offers free consultations, so call today to speak with a skilled trusts layer.

How Can a Trusts Lawyer in South Carolina Help You?

You deserve an estate plan that meets your unique needs, and our legal team would be happy to help create one. If you’re not yet sure if you need a living trust, or if you’re uncertain which type would be best for you, our lawyers can assist with these decisions. We can also advise you on the benefits of other estate planning options, including last wills, living wills, and powers of attorney.

When you meet with a lawyer from our trusted law firm, we’ll ensure you understand how each estate planning tool can benefit you before we add it to your estate plan. If you’re ready to learn how trusts and other estate planning tools can protect your family financially when you’re no longer here, call 336-962-5373 for a free consultation with a trusts lawyer in South Carolina.