Living Revocable Trusts allow you to name a successor trustee who will continue to manage your assets in the event of loss of capacity, temporary unavailability, or upon death. A Living Revocable Trust may be used to retain assets for later generations and leave a legacy for your beneficiaries. The administration of a trust can result in considerably less attorney fees than otherwise applicable probate filing fees and probate attorney fees.
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Within the revocable living trust there are several planning options, depending on your goals. For example, the trust can utilize important estate tax savings clauses, provide for protective “spendthrift” trusts in the event a beneficiary is known to be an inappropriate spender or too young to handle the assets, if a beneficiary is disabled and receiving public benefits, if a beneficiary is going through a divorce, or if a client wishes to ensure a bequest to children from a prior marriage. The trust may also plan for charitable gifts and specific gifts of property.
Furthermore, under South Carolina law, the trust is protected by the requirement of a trustee to provide accountings to all beneficiaries, thus ensuring your loved ones are properly informed and that the assets are being disbursed and managed as intended. As a further check on the actions of a trustee, you are permitted under South Carolina law to appoint a “trust protector” who is authorized to monitor the actions of the trustee and take action to protect the trust if necessary. We can help you understand your options and make the right decision for you and your family. Call the Miller Law Firm, P.A. today at (864) 527-0413.
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