TRUSTS

A living trust is a legal document that allows you to control how your assets are distributed after you die. It can help you avoid probate, which can be a lengthy and expensive court process. A living trust can also help you protect your assets from creditors and lawsuits. If you are considering creating a living trust, it is important to work with an experienced attorney. An attorney can help you understand the benefits of a living trust and make sure that your trust is properly drafted. Our firm practices estate planning, and I am an experienced attorney who can help you create a living trust that meets your needs. We will work with you to understand your goals and create a trust that is customized for your situation. Contact us today to schedule a consultation and learn more about how a living trust can benefit you. 

Avoidance of probate fees is one of many benefits of funding a revocable trust, particularly in South Carolina where there is no cap on probate fees. Under the South Carolina Code, the probate fee is $845 on the first $600,000 of estate assets plus $0.0025 in excess of $600,000. For example, for a decedent with probate assets titled in the decedent’s name of $1,000,000, the filing fee is $2,845 ($845 + .0025 x $400,000). For decedent with zero probate assets and $1,000,000 of assets titled in the name of decedent’s revocable trust, the probate fee for assets of $0 to $4,999 is $25. The difference between funding a revocable trust and not funding a revocable trust can be significant.

To fund a revocable trust consider changing ownership and titling of accounts such as bank, brokerage, stocks, bonds, and real estate; assigning rights in certain assets such as tangible personal property, notes receivable, partnership and LLC interests; and updating beneficiaries for life insurance.

When most people think of Estate Planning they think of Last Will and Testament. However, with a Trust, You decide whether your assets will go through the probate process. For many of our clients, a Family Revocable Living Trust is the foundation for their estate plan, which offers many benefits over a Will and is a common planning tool for avoiding probate.

Avoiding probate facilitates a smoother transfer of assets to your heirs; saves on administrative costs and probate fees, avoids time delays, avoids publicity, resolves issues with property in multiple states; and reduces Will contests.  For married couples a  South Carolina Revocable Living Trust can be a joint trust that allows couples to do their estate planning together or can be drafted as two separate trusts, one for each spouse, depending on the specific situation.

In order to avoid probate, your assets need to be transferred into the name of the trust. These transfers must include bank accounts, beneficiary designations, real and personal property. Often a living trust is drafted with a pour-over Will as a last resort to convey any assets that were not transferred during your life into the trust upon your death. However, if the assets pass into the trust through the Will, then they must go through probate. “Fully funding” your trust does involve some legwork on your part, but it is necessary and well worth the effort for your living trust to save your family the time, fees, and expense of probate. We have seen many trusts not work as intended because the assets were not properly titled to correctly fund the trust.

A VERY IMPORTANT QUESTION

Need Expert Legal Assistance? Prepare Your Revocable Trust with a good Attorney!

Secure Your Legacy, Protect Your Assets - Trust Arthur Shealy to prepare your Revocable Trusts!

Looking to safeguard your hard-earned assets and ensure a smooth transition for your loved ones? Look no further! Arthur Shealy can prepare your revocable trusts, offering you peace of mind and expert guidance every step of the way.

Why choose us?

• Extensive Experience: With years of legal expertise, Arthur Shealy is well-versed in revocable trust preparation, ensuring accuracy, and adherence to the latest laws and regulations.
  
• Tailored Solutions: We understand that each client's needs are unique. Our attorney takes the time to listen, analyze your situation, and tailor a revocable trust that aligns with your specific requirements and goals.
  
• Comprehensive Approach: From asset protection to minimizing tax implications, we cover all aspects of revocable trusts. Our attorney will work closely with you to ensure your trust encompasses your estate, investments, properties, and other valuable assets.
  
• Smooth Transitions: Planning for the future is crucial. Our attorney will guide you through the process of naming beneficiaries, assigning trustees, and establishing provisions that ensure a seamless transition of assets, minimizing potential disputes or conflicts.
  
• Legal Expertise: Our attorney stays up-to-date with the latest legal developments, ensuring that your revocable trust is in full compliance with local, state, and federal laws, providing you with peace of mind.
  
• Personalized Service: We prioritize building lasting relationships with our clients. Our attorney offers personalized attention, addressing your concerns promptly and ensuring a smooth, transparent process from start to finish.
  
• Confidentiality and Trust: We understand the sensitivity of your personal and financial information. Rest assured, our attorney maintains the highest standards of confidentiality, ensuring your privacy and trust are upheld throughout the process.
  

Don't delay securing your legacy any longer! Contact our office today to schedule a consultation with our experienced attorney. Take the first step towards safeguarding your assets and ensuring a solid foundation for your loved ones with a meticulously prepared revocable trust.

Your legacy matters – Trust our attorney to protect it 

It's Decision Time:

Don't leave the important decision about what will happen to your assets and those you care about in your absence to a process that you have no control over. 

Take Control, Plan ahead.  

Call Arthur Shealy, Attorney at Law TODAY to request a Free Consultation.