Estate Planning To Avoid Probate in South Carolina
Let’s face it: no one wants to deal with probate court when they’re planning their estate. When working with an estate planning attorney, one of their main goals is to avoid probate court. This process can take money out of the estate, and away from the new respective owner of those assets. However, there are times when a decedent’s estate will go through probate, including if they have debt or have had a Trust. While many estates end up in probate, there are ways to avoid it. Here are some tips to follow through your journey in estate planning to avoid probate in South Carolina.
Create A Living Trust
A living trust, or revocable trust, is a legal entity that gives you the same control, benefit, and protection as a will. You can set it up yourself with a little help from an attorney. Once established and funded, your property transfers immediately to the trust so there’s no delay or confusion about its ownership.
When you die, the trustee manages the property for the beneficiaries specified in your living trust agreement and then distributes it according to your instructions. Because of this, you do not technically own the property at the time of your passing, meaning that your estate can avoid probate.
Consider Joint Ownership
Joint ownership of property is another tip in estate planning to avoid probate in South Carolina. When one owner dies, the surviving owner takes control of the property. Because a living person owns the property at that point, there is no need for probate. This can be any of your trustees, not necessarily someone who lives with you. Spouses and family, to trusted friends or partners, can be considered joint owners. Because a living person still owns the property at that time, there is no need to continue to probate court.
Talk To Your Probate Attorney
One of the biggest and most expensive challenges that many families face is estate planning. There are a lot of different options out there, but so many have gotten it wrong. This is why you need to talk to a professional probate attorney before making any decisions. Professional estate planning attorneys know their way around the probate process, and if necessary, can help you through it. The team at Grand Strand Law Group can help assess your circumstances and property, guide you on the best way to protect it for now and in the future and avoid the probate courts altogether when possible.
Estate Planning To Avoid Probate in South Carolina with Grand Strand Law
At Grand Strand Law Group, we are here to help you through your estate planning process every step of the way. We understand that losing a loved one can be a daunting time, and we want to make sure that the process goes smoothly. No one wants to go through probate court, and it is our job to make sure your transfer of assets goes smoothly.
Grand Strand Law Group is here to make the process as smooth as possible. We are here to help you every step of the way. Give us a call at 843.492.5422 and learn about how probate planning can help.