Should You Have a Will or a Living Trust in South Carolina?
The Question Every Family Asks About Estate Planning
One of the most common questions families ask when planning their estate is simple — “Do I need a will or a trust?”
The answer depends entirely on what you want your family to experience after you’re gone. Some families prefer a simple will. Others benefit more from a living trust. But for most, the right answer is both.
In this quick video, Charleston estate planning attorney JP Rankin breaks down the differences between wills and living trusts — and how to decide what’s best for your situation.
🎥 Watch the full video here:
Should You Have a Will or Living Trust on YouTube
What a Will Does — and Why It’s Still Important
A will is a set of instructions for the court. It tells the court who gets what and who’s responsible for making it happen.
In both North and South Carolina, that process goes through probate — a court-supervised procedure that ensures assets are distributed according to the will. The downside? Probate takes time (often 6–18 months), creates public records of your estate, and can result in unnecessary costs for your family.
A will is still essential because it allows you to:
Name guardians for minor children
Designate a personal representative (executor)
Provide legally binding directions for your estate
But wills alone are not private and not fast — and they only take effect after the court approves them.
How a Living Trust Works
A living trust avoids probate completely. Instead of the court managing your assets, your successor trustee takes over immediately when you pass away or if you become incapacitated.
When properly funded, your trust owns your home, bank accounts, and investments. That means your family doesn’t need court approval to manage or distribute your property. Everything stays private and moves much faster.
Additional benefits include:
Immediate access to manage assets after incapacity or death
Privacy — no public court filings
Continuity — a trusted person manages everything without delays
Tax advantages — you keep your step-up in basis under IRS Section 1014
Do You Need Both a Will and a Trust?
For most families, the best estate plan includes both.
A revocable living trust manages assets privately, while a will (specifically a pour-over will) names guardians and covers anything that wasn’t transferred into the trust.
Here’s how to decide:
Own property in multiple states? → You need a trust.
Have minor children? → You need a will.
Want privacy and faster administration? → You need a trust.
On a tight budget? → A will is better than nothing.
Concerned about incapacity or dementia? → A trust is essential.
Trusts and Taxes: How Couples Can Save Millions
While a revocable living trust doesn’t automatically reduce estate taxes, it provides flexibility for advanced planning.
Married couples can use credit shelter trusts or disclaimer trusts to preserve both spouses’ federal estate tax exemptions under IRS Code Section 2010. This strategy can protect up to several million dollars from future taxes.
Wills vs Trusts: The Bottom Line
A will tells the court what you want.
A trust lets your family do it without asking permission.
If you want to protect your family from court delays, probate costs, and public records, now is the time to create an estate plan that includes both tools.
Schedule Your Consultation
📅 Book a consultation with Rankin Law Firm:
https://www.rankinestatelaw.com/book-a-consultation
📘 Free Download: 6 Mistakes Families Make With Estate Planning
About JP Rankin
JP Rankin, founder of Rankin Law Firm in Charleston, South Carolina, is an experienced estate planning attorney licensed in South Carolina, North Carolina, and California. He helps families protect their legacies, avoid probate, and create estate plans that actually work when they’re needed most.
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.