What Is the Difference Between a Will and a Trust in South Carolina?
What Is the Difference Between a Will and a Trust in South Carolina?
Creating an estate plan is crucial to protect your assets and ensure your wishes are honored. Two key tools for estate planning are wills and trusts, each serving different purposes and offering unique benefits. At Lowcountry Legal Solutions, LLC, we assist Hilton Head Island residents in understanding their options and creating tailored estate plans.
What Is a Will?
A will is a legal document that specifies how your assets will be distributed after your death. It also allows you to:
- Name an executor to manage your estate during probate.
- Designate guardians for minor children.
- Specify who will receive your property and personal belongings.
Wills are straightforward but must go through the probate process, where the court oversees the distribution of assets. This process can be time-consuming and becomes part of the public record. A will only takes effect upon your death.
What Is a Trust?
A trust is a legal arrangement where you transfer ownership of assets to a trustee, who manages them on behalf of your beneficiaries. Trusts offer flexibility and can take effect during your lifetime (living trust) or after your death (testamentary trust).
Trusts allow assets to bypass probate, saving time and maintaining privacy. They also offer more control over how and when your assets are distributed, such as specifying conditions for beneficiaries to receive their inheritance or protecting assets for minors or those with special needs. A living trust can also manage your assets if you become incapacitated.
Key Differences Between a Will and a Trust
- Probate: A will requires probate, whereas assets in a trust avoid this process. This makes trusts faster and more private.
- Timing: A will only takes effect after death, while a trust can take effect during your lifetime and continue after your death.
- Control: Trusts provide greater control over asset management and distribution, especially for long-term planning.
Which Option Is Right for You?
A will may be sufficient for straightforward estates, while a trust is better for those seeking to avoid probate, maintain privacy, or manage assets for beneficiaries over time. Many individuals choose to use both tools in combination to ensure comprehensive protection of their estate.
How Lowcountry Legal Solutions, LLC Can Help
At Lowcountry Legal Solutions, LLC, we work closely with Hilton Head Island residents to create customized estate plans that meet their unique needs. Whether you need a will, a trust, or both, we’re here to guide you through the process with clarity and care.
Contact us today to learn how we can help you protect your assets and provide peace of mind for your family’s future.
