Is a trust right for you?

Many Bluffton-area residents have heard that a trust helps you avoid probate. That’s true, and it’s only one of many advantages a trust can provide. Whether you’re enjoying retirement, raising a family, or planning for future generations, a trust can be a valuable part of a comprehensive estate plan.

What is a trust?
A revocable living trust agreement is a legal document creating your trust and, once the trust is created, you are allowed to place your assets into the trust, but maintain complete control over them during your lifetime. You can update or revoke the trust as your circumstances change. Upon your death or incapacity, the person you appoint as Trustee will manage or distribute your assets according to your wishes—without going through probate.

Why consider a trust?
A trust can provide several important benefits, including:

• Avoiding probate: Assets properly titled in your trust can pass to your beneficiaries without the delays, expense, and public nature of probate.
• Maintaining privacy: Unlike a Will, which becomes part of the public record during probate, a trust generally remains private.
• Protecting loved ones: Trusts allow you to control when and how beneficiaries receive their inheritance, which can be especially helpful for young adults or individuals who may need financial guidance.
• Planning for blended families: A trust can help ensure your current spouse is cared for while preserving assets for children from a previous marriage.
• Supporting family members with special needs: Properly designed trusts can help provide financial support without unintentionally affecting eligibility for certain government benefits.

• Planning for incapacity: If you become unable to manage your affairs, your successor trustee can step in to manage trust assets according to your instructions, helping avoid unnecessary court involvement.

Do you still need a will?
Yes. Even if you have a trust, you’ll still need a Will. A “pour-over” Will directs any assets that were not transferred into your trust during your lifetime to be placed there after your death and allows you to name guardians for minor children.

Is a trust right for you?
Every family’s situation is different. A trust may be beneficial if you want greater privacy, wish to simplify the transfer of assets, protect loved ones, or create a plan that reflects your unique family dynamics.

The best way to determine whether a trust is appropriate for your situation is to speak with a Certified Elder Law Attorney. An experienced attorney can evaluate your goals, explain your options, and create an estate plan designed to protect both you and the people you care about.

If you have questions about trusts or any aspect of estate planning, reach out to a Certified Elder Law Attorney to discuss the right strategy for your family and your future.

For educational purposes only. This is not legal advice. Lisa Hostetler Brown is a Certified Elder Law Attorney certified by the National Elder Law Foundation. 2 Hampton Hall Blvd, Ste 100, Bluffton, SC 29910. | 843-757-5294 | LawyerLisa.com.