Best Trusts Lawyers in South Carolina

About Trusts Law in South Carolina, United States

Trusts are a common legal arrangement used in South Carolina and across the United States to manage assets, plan for the distribution of property, and provide for loved ones. A trust is a fiduciary relationship where one party, known as the trustee, holds legal title to property for the benefit of another, known as the beneficiary. Trusts can be established for a variety of purposes, such as avoiding probate, reducing taxes, protecting assets, or ensuring care for minors or individuals with special needs. South Carolina recognizes several types of trusts, including revocable living trusts, irrevocable trusts, testamentary trusts, and special needs trusts.

Why You May Need a Lawyer

While some people use do-it-yourself options to create trusts, there are many situations where the guidance of a qualified attorney is crucial. Common scenarios where legal help is recommended include:

• Ensuring your trust is legally valid and meets your goals
• Establishing trusts for minor children or individuals with special needs
• Planning to minimize federal and state estate taxes
• Protecting assets from creditors or lawsuits
• Replacing or removing trustees
• Disputes involving interpretation or administration of trusts
• Updating existing trusts in response to life changes or changes in the law

An attorney can help you understand the options available, make sure you comply with South Carolina’s legal requirements, and provide peace of mind that your assets and beneficiaries are protected.

Local Laws Overview

South Carolina’s trust law is primarily governed by the South Carolina Trust Code, which closely follows the Uniform Trust Code with some modifications unique to this state. Key aspects to know include:

• Trusts may be revocable or irrevocable. Revocable trusts can be changed or terminated by the grantor, while irrevocable trusts generally cannot be modified after creation without court involvement or consent of beneficiaries.
• South Carolina law allows for both individual and corporate trustees, but all trustees must act in accordance with fiduciary duties and best interests of beneficiaries.
• Trusts must have a clearly defined purpose, identifiable beneficiaries, and assets to be managed by the trustee.
• There are specific requirements for the creation, funding, and amendment of trusts in South Carolina.
• South Carolina courts have jurisdiction over trusts created by state residents or involving property within the state.
• State law provides procedures for trust administration, trustee removal, modification, and termination.
• Trust disputes are generally resolved in the South Carolina Probate Court system.

Frequently Asked Questions

What is the difference between a revocable and irrevocable trust?

A revocable trust can be changed, amended, or dissolved by the person who created it at any time, as long as they are competent. An irrevocable trust usually cannot be changed or revoked after it is created, except in very limited circumstances.

Do I have to be wealthy to create a trust in South Carolina?

No. Trusts can be useful for people with estates of all sizes, not just the wealthy. They are often used for estate planning, privacy, asset management, and care for minor or disabled beneficiaries.

Can a trust help my estate avoid probate?

Yes. Most assets placed in a properly funded revocable living trust are not subject to probate when you pass away, which can speed up asset distribution and increase privacy.

Who can serve as a trustee?

A trustee can be an individual, such as a family member or friend, or a professional like a bank or trust company. Trustees must follow fiduciary responsibilities and act in the beneficiaries’ best interests.

How do I know if my trust is valid in South Carolina?

A trust is generally valid if it is in writing, signed by the creator (grantor), identifies the trustee and beneficiaries, has a lawful purpose, and is properly funded. Consulting a lawyer can ensure validity.

What assets can I put into a trust?

Most types of property can be placed in a trust, including real estate, bank accounts, stocks and bonds, personal property, and life insurance policies. Some restrictions and considerations may apply.

Are trusts public record in South Carolina?

No. Trusts are private documents and do not become part of the public record unless there is a court case involving the trust, which can offer more privacy than a will.

What is a trustee’s legal duty in South Carolina?

Trustees are held to a high standard of fiduciary care. This means they must act honestly, manage trust assets prudently, avoid conflicts of interest, and always act in the best interests of the beneficiaries.

Can I change my trust after it is created?

If the trust is revocable, you can typically change or revoke it at any time. If it is irrevocable, changes are only possible in very limited circumstances and usually require court approval or beneficiary consent.

How can a trust protect my assets?

Certain types of trusts, such as irrevocable trusts, may help protect assets from creditors, lawsuits, or spendthrift beneficiaries. The level of protection depends on how the trust is structured and your specific situation.

Additional Resources

If you have additional questions or need help, the following resources may be helpful:

• South Carolina Judicial Department - Probate Court Division
• South Carolina Bar Association - Public Services Division
• South Carolina Department on Aging - Legal Services Program
• Local county probate courts
• Libraries or self-help centers that offer guides and workshops on trusts and estate planning
• Accredited estate planning attorneys in your area

Next Steps

If you are considering creating a trust, updating an existing trust, or dealing with a trust-related dispute, here are several steps to take:

1. List your estate planning goals and the assets you own
2. Consider the types of beneficiaries you wish to include
3. Gather information on your current wills, trusts, and powers of attorney
4. Contact a qualified trusts and estates attorney in South Carolina who can provide advice tailored to your situation
5. Schedule a consultation to discuss your options and ensure your wishes are effectively documented and legally valid
6. Stay informed about changes in South Carolina laws that could affect your trust or estate plan

Seeking professional legal advice helps ensure your trust is set up correctly and provides the protections and benefits you intend for yourself and your loved ones.