Revocable Trust Lawyer Attorney
in Rock Hill, South Carolina
At Ligon Business & Estate Law, we often recommend revocable trusts as a valuable estate planning tool for our clients. A revocable trust, also known as a living trust or inter vivos trust, is a legal arrangement you establish during your lifetime to manage your assets.
Key features of a revocable trust include:
- Control and Flexibility: As the grantor of the trust, you retain control over the assets and have the flexibility to make changes or dissolve the trust if your circumstances change.
- Probate Avoidance: Assets held in the trust bypass probate upon your passing, which can save time, reduce costs, and maintain privacy for your loved ones.
- Incapacity Planning: A revocable trust ensures continuity of asset management if you become incapacitated. You can name a successor trustee to take over the trust administration.
- Privacy: Unlike a will, which becomes a public record during probate, the terms of a revocable trust remain private.
As part of our estate planning services at Ligon Business & Estate Law, we work closely with clients to create customized revocable trusts that align with their goals and wishes. If you’re interested in exploring how a revocable trust can benefit your estate plan, please contact us for a consultation. We’re here to help you protect your assets and plan for the future with confidence.
Types of Revocable Trusts
Each of these trusts serves different purposes and can be customized to fit your unique situation. If you’re interested in exploring which type of revocable trust is right for you, let’s chat! Here are some key trusts we work with:
- Basic Revocable Trust: This is your standard revocable trust where you maintain full control over your assets during your lifetime. You can make changes or revoke the trust whenever you need to.
- Joint Revocable Trust: If you’re married, a joint revocable trust is a great option. Both spouses are co-grantors and co-trustees, making it easier to manage shared assets and plan for the future together.
- Pour-Over Will Trust: This trust works hand-in-hand with a pour-over will. It ensures that any assets not already in the trust at your passing are transferred into the trust and distributed according to your wishes.
- Revocable Life Insurance Trust (RLIT): If you have life insurance policies, an RLIT can help manage the proceeds outside of probate, ensuring they go where you intend them to.
- Revocable Income Trust: This type of trust holds income-producing assets like rental properties or investments. You receive income during your lifetime, and the assets are distributed according to your instructions after your passing.
- IRA Revocable Trust: Specifically designed for IRAs, this trust gives you more control over how your retirement account assets are distributed to your beneficiaries.
Contact us at Ligon Business & Estate Law for personalized guidance tailored to your needs.
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