Understanding Wills and Trusts for Sullivan’s Island SC Residents
It’s never too early to start planning for you and your family’s future. And we don’t just mean financial planning; estate planning is crucial to establish early on. Even for those still young and starting families of their own, having a plan in place for the inevitable ensures your loved ones are properly cared for. And as your family grows and your life changes, adjustments can be made to wills and trusts in Sullivan’s Island SC.
What Works Best?
Truthfully, for wills and trusts, each has its own merits but potential downsides depending on your situation. Having a better understanding of each will allow you to invest in the best option for you and your family.
- How Wills Work
- When you establish a will, it becomes a legal document detailing what to do upon your death. For example, if you have specific requests for your funeral or wish for assets to go to beneficiaries, a will outlines these instructions. Once you pass away, your will becomes active and goes through probate court, where a judge and probate attorneys will work to meet your requests.
- How Trusts Work
- A trust is more focused on your assets and their distribution than a will is. Upon establishing a trust, it immediately goes into effect and cannot be adjusted unless it is a revocable trust. Trusts can be more complicated to complete over wills, but they offer greater protection of your estate and help you avoid probate law altogether. Also, creating trusts gives you greater control over how and to who your assets are distributed.
- What to Choose?
- If you are trying to decide between wills and trusts for Sullivan’s Island SC, they each offer benefits over the other. For example, wills are easier to establish and include more directives, aside from solely focusing on the distribution of assets. Conversely, trusts help you avoid the courts, are difficult to legally challenge, and keep your assets private. In many cases, having both a will and trust is the most beneficial for your estate.
Additional Legal Practices
At Buxton & Collie, we set out to legally protect our clients and help foster their growth and success. Our attorneys specialize in several legal practices, so we can best assist you or your business in all your legal endeavors. For example, our practice areas include:
Talk with Our Team
Wills and trusts for Sullivan’s Island SC residents should always be a part of the estate planning process. For assistance establishing wills and trusts for your family, give the team at Buxton & Collie, LLC a call today. You can contact us at 843-606-2397 to request a consultation. Also, we are located at 940 Johnnie Dodds Blvd, Ste 100, Mt. Pleasant, SC 29464.