Trust Fund Lawyer in Myrtle Beach, SC

Strategically Plan for Your Future Under the Guidance of an Experienced Attorney

Bespoke Estate Law helps clients create trusts, set up wills, and plan for the future in Myrtle Beach and throughout the state of South Carolina. We've helped hundreds of people like you. Whether you want to solidify a high value estate, wish to set up your children for success as you start a family, or have a complicated family situation, contact us for a free consultation. Trusts are important for families at all stages of life and economic levels. We would be happy to speak with you and create a trust that fits your unique needs.

What is a Trust?

A trust acts as a vessel that you can place assets into. You can place real property, bank accounts, vehicles, business interests, and various other assets in a trust. While there are many different kinds of trusts, the largest distinction is whether a trust is revocable or irrevocable. With a revocable trust, you can act as your own trustee and maintain full management and control over your assets during your lifetime. With an irrevocable trust, you receive a number of asset protection benefits for assets placed inside, but you cannot act as your own trustee.

Benefits of Establishing a Trust

A trust is a tool that can streamline and secure the future of your estate. One of the largest perks of forming a trust is the accompanying probate-avoidance benefit for all trust assets. Any assets that are solely in your name upon your passing must be probated before your beneficiaries can receive them. Probate administration in SC is lengthy and often expensive. Probate entails your named personal representative filing your will with the probate court, running a notice to creditors in a local newspaper, creating a detailed inventory and appraisement of all of your estate assets, and producing a final accounting showing all of the funds that went into and out of the estate (within a few cents). Probate for a simple estate generally takes one year to complete. There is no limit for how long it may take to complete probate for a more complicated estate. With a trust, your trustee has the ability to distribute trust assets as soon as they have a death certificate, without any rubberstamping required by the probate court. 

Irrevocable trusts can also defend your estate from creditors and legal claims, keeping your hard-earned assets safe. Trusts also provide tax benefits, as they can shave off significant amounts from what would otherwise be paid as taxes. Unlike a simple will, a trust never gets filed for public record, so only your trustee needs to know what assets you owned and what your distribution scheme is.

Types of Trusts Commonly Used in Myrtle Beach, SC

Each type of trust serves a unique purpose. Revocable Living Trusts are great for maintaining control over your assets while you are still alive, and then passing them directly to your beneficiaries without the hassle of probate. Irrevocable Trusts, on the other hand, offer solid protection for your assets from lawsuits or creditors.

For families with a disabled child or relative, Special Needs Trusts ensure they are taken care of without risking their eligibility for public benefits. Charitable Trusts, another popular vehicle, can be a meaningful way to contribute to causes you care about while enjoying tax breaks. And for those planning for underage beneficiaries, Trusts for Minors ensure your children or grandchildren are financially sound as they step into adulthood.

Trust-Related Laws in South Carolina

Navigating trust laws can be tricky, but here's what you need to know about establishing trusts in South Carolina: Our laws, detailed in the South Carolina Trust Code, provide the framework for creating valid trusts. For instance, the law requires unambiguous beneficiaries, and the trust must be clearly written and executed by the trust's creator. For those who like flexibility, South Carolina law typically allows you to amend or revoke revocable trusts unless explicitly stated otherwise. Also, a trustee is required to administer your trust with a high standard of care, as they are considered a fiduciary. In SC, trusts are not administered by the Probate Court, which places additional responsibility on the trust administrator.

Common Misconceptions About Trusts

First, trusts are not just for the ultra-wealthy. They are a practical tool for anyone wishing to manage their estate most effectively and efficiently. Second, setting up a trust is not necessarily complex or costly. With the proper guidance from a trust fund attorney in Myrtle Beach or elsewhere, the process can be made straightforward. Creating a trust can save your loved ones significant time and money in the long run, and give you peace of mind.

How Our Attorneys Help You Set Up Your Trust

Our approach to setting up your trust is all about personalization and clarity. We start with a conversation to understand your specific needs and objectives. From there, we craft a trust that is tailored to your specific needs. We make certain that all of your objectives are accomplished and all aspects comply with current legal standards, while anticipating future changes to the law. We will walk you through each draft to make certain that you understand and agree with all the terms before anything is finalized. After everything is signed, we will help you properly fund the trust.

Because life changes, we are here to update your trust as needed, keeping it aligned with your current wishes and life circumstances. As your experienced trust attorney, we will make sure that you are always compliant with local laws, tax rules, and your life goals.

Free Consultation: Call Our Experienced Trust Fund Attorneys in Myrtle Beach Today

It all starts with a free conversation. We would like to hear about your unique needs and concerns. After we learn about you, we can protect your assets and future with a trust that is a perfect fit for you. Give us a call or fill out our form today.