If you didn’t know better you may assume that revocable living trusts are only beneficial to people who have complicated portfolios and an extraordinary store of assets. But in fact, these trusts can be very useful for “the rest of us,” and you should not discard the possibility of utilizing such a vehicle when you are planning your estate.
One of the best reasons for choosing a revocable living trust would be to avoid probate. Unless you arrange for asset transfers outside of probate through the utilization of a tool such as a living trust everything is going to be on hold until the estate has been probated and closed.
While the probate process is underway the court will take charge and supervise the administration of the estate. During this interim creditors, tax collectors, and claimants can step forward seeking satisfaction. In addition, anyone who wanted to challenge the Will could present arguments before the court.
Depending on all of the unique circumstances of the case in question the probate process can take months at minimum to any number of years in complicated situations and of course, no inheritances are forthcoming while the estate is hung up in probate.
Living trusts on the other hand provide for a smooth and efficient transfer of assets. Challenges are less likely, and you have the freedom to alter the terms of the trust any way that you see fit. Plus, you retain control because you have the option of acting as the trustee and the beneficiary while you are alive and of sound mind.
If you would like to discuss revocable living trusts with a professional, don’t hesitate to pick up the phone to arrange for a consultation with a seasoned and savvy South Carolina estate planning lawyer.