Asset Protection Lawyer & Trust Attorney
in Rock Hill, South Carolina
Those are the four words that I most associate with trusts because each word is completely accurate in describing how trusts are used and how they work. At its core, a trust is a fiduciary relationship established between the trust Grantor (the person who makes the rules) and the Trustee (the person who executes the trust under those rules) for the benefit of a Beneficiary. Often the same person will serve in multiple roles, such as the Grantor serving as the Trustee of their own revocable living trust. Other times not only does this not happen, but the relevant rules prohibit it.
Ultimately, trusts are probably the most flexible tool in the estate planning toolbox. They can be simple documents designed to avoid probate or complex documents designed to manage family wealth for generations to come. You may know nothing about trusts or you may have heard about that one type of trust that does x, but here’s the insider secret about trusts: At the end of the day, as long as a few requirements are met, a trust is a blank slate to be filled in to accomplish specific goals. There are almost endless permutations of trusts.
If you are interested in discussing how a trust can help you accomplish your estate planning goals, but are unsure if it’s worth the expense or how it will work in your situation, then let’s talk about it during your initial consultation.