Will You Benefit From a Revocable Living Trust in South Carolina?
Why So Many Families Choose a Revocable Living Trust
A lot of people think trusts are only for the rich or that they are too complicated to be worth it. In reality, a revocable living trust can save your family time, money, and stress. If you live in Charleston, South Carolina and want to keep your affairs private and out of court, a trust may be the right tool for you.
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LAWYER EXPLAINS: What You REALLY Need To Know About Revocable Living Trusts
What is a Revocable Living Trust?
A revocable living trust is a private legal agreement that holds ownership of your assets while you are alive and distributes them after you die according to your instructions. You can change it while you are alive. You remain in control as the grantor and usually as the initial trustee. After you pass, your successor trustee follows your written instructions without court involvement.
Key idea: wills are public and go through probate. Trusts are private and settle outside probate when properly funded.
Benefits South Carolina Families Care About
1) Avoids probate in both South Carolina and North Carolina
Probate here often takes many months and creates a public file that anyone can read. A funded trust allows your successor trustee to act quickly without a judge, filings, or probate fees.
2) Works during incapacity
If you become disabled or lose capacity, your successor trustee can step in immediately. No guardianship proceeding. No frozen accounts. Your bills and care can be managed without delay.
3) You control the “how,” not only the “who”
You can stagger distributions at ages or milestones. You can protect a beneficiary who struggles with spending or addiction by requiring conditions before distributions. You can design the plan so your children are protected from their own mistakes.
4) Simplifies multi-state property
Own a home in more than one state. Title each property to your trust and you avoid multiple probate proceedings.
What a Revocable Living Trust Does Not Do
It is not an asset protection shield while you are alive. Creditors can still reach assets you control. For personal protection you would consider an irrevocable trust or an LLC where appropriate.
It does not lower estate taxes by itself. After the first death, a plan can split into credit shelter or disclaimer trusts to preserve both spouses’ federal exemptions, which can reduce future estate taxes.
It does not help if it is empty. An unfunded trust is a stack of paper. You must retitle assets or use beneficiary designations.
Funding Your Trust the Right Way
To get the benefits, make sure the trust actually owns or receives your assets.
Real estate: record a new deed titling the property to the trust.
Bank and brokerage accounts: retitle to the trust or use payable-on-death and transfer-on-death designations that name the trust.
Retirement accounts: usually keep ownership in your name and update beneficiary designations to coordinate with the trust plan.
Business interests: assign membership interests or shares as permitted by the operating agreement or bylaws.
Personal property: use an assignment to the trust.
Pour-over will: catches stray assets and directs them into the trust.
Our firm funds your plan so nothing is left to chance.
Who Should Strongly Consider a Revocable Living Trust?
Homeowners
Parents of minor children or blended families
Business owners
Anyone who wants privacy, faster administration, or protection during incapacity
Anyone who owns property in more than one state
A trust is not only for high net worth families. It is for families who want their plan to work smoothly when it matters most.
Talk with an Estate Planning Attorney in Charleston, South Carolina
Schedule your consultation:
https://www.rankinestatelaw.com/book-a-consultation
Free resource: 6 Mistakes Families Make With Estate Planning
https://www.rankinestatelaw.com/free-download-guide-6-mistakes-families-make
About JP Rankin
JP Rankin is an estate planning attorney in Charleston, South Carolina, licensed in South Carolina, North Carolina, and California. He has helped hundreds of families avoid probate and build plans that reflect their values through customized wills and trusts.
Disclaimer
This article and video are for informational purposes only and do not constitute legal advice. Viewing or interacting with this content does not create an attorney-client relationship.