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Revocable Trust Charleston SC
An attorney discussing a Revocable Trust in Charleston SC with a family

When Estate Planning, Consider a Revocable Trust in Charleston SC

As you get older, are you thinking about the future of you and your family? If not, you should be! And although it’s something we don’t like thinking about, planning for one’s eventual passing is crucial to do before it’s too late. Thankfully, there are professionals like Buxton & Collie, LLC, who can help with your estate planning. Furthermore, we help you determine what’s best for your planning, such as a revocable trust in Charleston SC.

Explanation of a Revocable Trust

A revocable trust is much like other trusts in function. For example, in establishing this trust, you place assets under the care of a trustee, with the expectation that said assets would be distributed by a trustee according to your specifications upon your death. However, where a revocable trust differs from other trusts is in the grantor’s ability to make changes to it. As life, wealth, family and income change, so too can your revocable trust.

The Good and Bad of a Revocable Trust

There are benefits to creating a revocable trust. However, a revocable trust cannot do everything a will or other trusts set out to accomplish.

The Good

  • Your trust is flexible, meaning you can change it as factors of your life change.
  • Your trust is private and does not enter the public record (unlike wills).
  • A trust does not go through the probate process, saving you time and money typically associated with probate.
  • A trust is difficult to challenge in court, making your assets more secure after your passing.

The Bad

  • While they can save you money in the long run, trusts are more expensive and challenging to set up at first.
  • Unlike wills, trusts will not adjust automatically. For example, if you divorce your spouse, you have to ensure your trust reflects this change.
  • Anything not covered in your trust will be handled by probate law.
  • A trust does not protect your assets from potential taxes.
An attorney holding a paper umbrella over a paper family, representing a Revocable Trust in Charleston SC

Further Legal Support

A revocable trust for Charleston SC residents is only one part of estate planning, And estate planning is only one practice area Buxton & Collie covers. If needing assistance with other legal matters, our attorneys have experience helping clients with:

Learn More

You can count on the experience and dedication of Buxton & Collie, LLC to guide you through the process of setting up a revocable trust in Charleston SC. To learn more, contact us today at 843-606-2397 for a consultation. Also, we are located at 940 Johnnie Dodds Blvd, Ste 100, Mt. Pleasant, SC 29464.