South Carolina Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children
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How to fill out South Carolina Living Trust For Individual Who Is Single, Divorced Or Widow Or Widower With Children?
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FAQ
In this article: A living trust is a type of estate planning tool that allows you to transfer ownership of your assets to a separate fund while you're still alive.In some circumstances, you can use a living trust to protect money you owe to creditors.
A living trust isn't absolutely necessary for everyone but it will certainly help if, for instance, you have a lot of assets, you own property in more than one state, or you have an extended family where things could be more complicated. Also, it's not just a question of how much money or property you have.
Funding a Trust Is Expensive... This is the major drawback to using a revocable living trust for many people, but it's not worth the time, money, and effort to create one if the trust isn't fully funded.
A living trust is designed to allow for the easy transfer of the trust creator or settlor's assets while bypassing the often complex and expensive legal process of probate. Living trust agreements designate a trustee who holds legal possession of assets and property that flow into the trust.
Figure out which type of trust is best for you. Take inventory of your property. Choose your trustee. Create the trust document. Sign the trust in front of a notary public. Fund the trust by transferring your assets into it.