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We all have different goals for how we'll live our lives and how we'll spend our resources – including the two greatest resources of them all, time and money. Your greatest goal might be circumnavigating the earth, seeing every wonder of the world, or maybe finding buried treasure off of the Atlantic Coast. Or, maybe you want to leave behind the wealthiest children and grandchildren as humanly possible. Whatever your legacy, you can keep it as big as financially possible if you plan it with what's called a living trust.
Why create a living trust instead of a simple will for estate planning? First and foremost a living trust, in many states, allows your estate to avoid the probate process. Probate is a court process used to settle a will which can last as long as three years and can take up to 10% of your estate's value. Since living trusts aren't listed in the public record, as is the case with wills, these trusts provide you with more privacy in your estate decisions. Living trusts can also help you avoid certain estate taxes if prepared properly. Finally, a living trust allows you to hand over management of your assets to someone else if you are unable to manage them yourself due to an accident or illness.
If you're looking for more information about a living trust in South Carolina, check out LegalZoom's online legal library. Ready to set up your living trust? Simply fill out LegalZoom's easy-to-follow online questionnaire. We'll prepare your legal documents to South Carolina's specifications and include a pour-over will to take care of any assets your South Carolina living trust cannot. With LegalZoom, plan your estate's future, today.
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