Understanding a Revocable Trust for Daniel Island SC Residents
Are you looking to start estate planning but don’t know where to begin? Let Buxton & Collie, LLC help! For over a decade, we’ve helped families and individuals make plans for assets, property, guardianship, power of attorney and more through our estate planning services. From wills to a revocable trust, Daniel Island SC residents can learn all they need to know for preparation after one’s passing.
What is a Revocable Trust?
One such aspect of estate planning we sometimes suggest for clients is the revocable trust. Through a trust, you specify assets and property to be managed by a trustee upon your death. Also, a trust can establish instructions on how your assets are to be divided amongst beneficiaries. And if you need to adjust your revocable trust’s provisions, this can be done at any point throughout your life.
Why People Use Revocable Trusts
While revocable trusts are similar to wills and other trust types in what can be accomplished, there are key benefits that better protect and secure your assets.
- Privacy
- If you’re worried about your assets becoming public through the probate process, trusts can alleviate this concern. While an effective method for the division of assets, wills go into public record once they hit probate court. On the other hand, trusts stay private, ensuring identities of beneficiaries, specific assets, amount of wealth, and more all stay between the trustee and close family.
- Flexibility
- Revocable trusts are like wills in that they can be changed at the grantor’s discretion. However, the same can’t be said for other types of trusts. While other trusts set out to protect your assets in specific ways, a revocable trust is the only one with flexibility similar to a will. Revocable trusts are especially advantageous to those starting estate planning while they’re young.
- Probate Free
- Upon a loved one’s death, most families must go through the probate process. Even with a will in place, a probate court must validate said will, appraise assets and distribute them per a will’s instructions. However, this process can be long and expensive. Conversely, revocable trusts for Daniel Island SC residents don’t need to go through probate. Assets are quickly transferred to beneficiaries, and you don’t incur probate-related fees.
Buxton & Collie’s Legal Services
While estate planning is a significant part of what Buxton & Collie provides our clients, it isn’t our only legal service. For example, our practice areas include:
Call Our Office
If determining whether establishing a revocable trust in Daniel Island SC is right for you, count on Buxton & Collie, LLC to be your guide. You can contact us today at 843-606-2397 to request a consultation. Also, we are located at 940 Johnnie Dodds Blvd, Ste 100, Mt. Pleasant, SC 29464.
