Create a Living Trust in South Carolina

A South Carolina living trust can be an important part of your estate planning. A revocable living trust (also known as an inter vivos trust) allows you to use and control your assets during life and control their disposition after death.

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create a living trust in south carolina

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Updated on: February 6, 2024
Read time: 4 min

A South Carolina living trust can be an important part of your estate planning. A revocable living trust (also known as an inter vivos trust) allows you to use and control your assets during life and control their disposition after death.

Living trusts in South Carolina

When you establish a living trust in South Carolina you are the trust grantor. The trust is set up to manage your assets for your benefit during your life. To get the most out of your trust, you will want to place as many assets as possible into it. Some assets will not qualify, such as retirement accounts and life insurance. A trust must have a trustee, a person who manages and protects the assets in the trust. You can choose anyone to be your trustee, but most people prefer to choose themselves. If you choose yourself, you also need to select a successor trustee who will take over when you die. The successor will continue to manage the trust and will distribute the assets to your beneficiaries according to the terms you include in the trust. Your revocable trust can be changed at any time you wish and can even be eliminated. An irrevocable trust is different and cannot be altered at all.

One of the benefits of a living trust South Carolina is that it keeps the assets in the trust out of probate. Probate is a court proceeding used to verify and carry out a will. Probate can take months and involves costs: an attorney, executor, and court fees. Assets in a will cannot be disbursed until probate concludes, whereas assets in a trust can be distributed immediately upon death if you wish. A trust allows you to bypass probate in any state where you own property as long as you include the asset in your trust.

South Carolina has adopted the Uniform Probate Code, so its procedures are more simplified than many states. There is also a small estate proceeding available for estates valued under $25,000 with no real estate. This approach is less expensive than probate or creating a trust.

Do I need a living trust in South Carolina?

Living trusts are not for everyone, but the benefits may work for you. An important aspect of creating a living trust in South Carolina is the control is offers you. Although your assets are technically held in the name of the trust, you have total access to them during your lifetime. You live in your home, drive your car, use your money, and do anything you want without any oversight or interference. After your death, the assets remain protected in the trust until the dates you have selected for disbursement. Many people choose to pass trust assets when beneficiaries reach specific ages.

Your living trust also keeps your family business private. While a will must become public record when it is probated, a trust need not enter the public record. The names of your beneficiaries, information about your assets, and your trust terms are not revealed to anyone. Additionally, a trust is much harder to contest than a will, ensuring that your wishes are carried out.

Your revocable living trust protects you should you become mentally incapacitated. All of your assets are already controlled, owned, and managed by the trust, and a conservatorship proceeding is likely unnecessary. While a durable power of attorney can be rejected, a trust cannot be. Your financial life is protected by the trust.

Living trusts and estate taxes in South Carolina

Although South Carolina has no estate tax, the federal estate tax is applied to estates exceeding $5 million. A living trust does not protect your assets from this tax. There is a special type of trust known as a QTIP, marital, or AB trust that does divert assets from estate tax. This type of trust passes assets from a deceased spouse to a surviving spouse without incurring tax. A revocable living trust does not shield assets from Medicaid or creditors.

How to create a living trust in south Carolina

Creating a living trust in South Carolina involves creating a written trust document and signing it in front of a notary. The trust is not final until you transfer assets into it. A living trust might offer benefits that are valuable for you. Compare it with other estate planning options before deciding.

Create a living trust online with LegalZoom. LegalZoom living trusts include a complimentary pour-over will, transfer deeds, a document organizer, and more.

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This article is for informational purposes. This content is not legal advice, it is the expression of the author and has not been evaluated by LegalZoom for accuracy or changes in the law.

48 days ago
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Grateful to Patti Green

Patti Green helped me so much to finish my order. She was very patient and pleasant with me and guided me so well with my living trust. She made it clear and explained things that I could understand to finish this. She is an asset to your company and I would recommend her with excellence

CU
50 days ago
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I had no Idea what to do to update my…

I had no Idea what to do to update my Living Trust. They answered all my questions and they also helped me get info I did not know I needed.

Bryan Q
56 days ago
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Living Trust Premium

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sremeikis
64 days ago
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I spoke to the representative today about a Trust...

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Gareth
66 days ago
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LegalZoom

I was impressed by the user-friendly interface and the outstanding support I received while creating a Revocable Living Trust. The ability to connect with support representatives in real time to address my questions was incredibly valuable. For those looking to establish a straightforward trust, I can highly recommend LegalZoom.

TDM
72 days ago
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Rida has been very helpful with respect…

Rida has been very helpful with respect o guiding me through the process of properly revising the Living trust for my elderly parents. His patience has been exemplary.

Frantz Michel
80 days ago
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Elizabeth Tisdale

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MARIA CORONA
80 days ago
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Taking the Initiative

Taking the initiative to do the info. research on our living Trust...set up back in 2016..Made the call an efficient, as well as a pleasant experience. Very thorough and friendly. Set up our atty consultation Thanks for great service!

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87 days ago
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Carmen was so patient with me

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Tina Garcia
90 days ago
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Tammy was wonderful and very…

Tammy was wonderful and very knowledgeable. It's because of her that I am going to open a living trust with legal zoom. She was great. Thank You

Erin
98 days ago
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Pleasant Experience

Patience and weel given explanation about the process of how a "Living Trust" & "Deed" works after transitioning and guidance on how to contact an attorney whenever I need legal advice.

Sharron Martin
98 days ago
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Excellent LegalZoom Attorney

The LegalZoom attorney was extremely helpful in the "walk thru" assistance as I prepared the Living Trust document. The service was excellent.

customer
107 days ago
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Happy with my initial contact with Legal Zoom

Rebecca fully answered my questions about creating a living trust. She is friendly and professional, and with my mind at ease, I am looking forward to starting this process with Legal Zoom. I am confident that this will be the best route for me to take to make things a lot easier for my family when I'm gone. (And, easy for me!) I plan to be in touch in the next several weeks. Thanks, Rebecca!

Carol
125 days ago
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Michelle very professionally guided me…

Michelle very professionally guided me with her knowledge and amazing patience through the entire process of setting up my Living Trust. I am so relieved and grateful for her help. I have used LegalZoom before and you are my go to for legal advice. Thank you again Michelle.

Paula Bateman
133 days ago
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Quality Staff

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Ady Filipescu
142 days ago
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Really great job in guiding me to…

Really great job in guiding me to finish my living trust .

Ronnie Ball
148 days ago
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5 Stars

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Cn
148 days ago
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Ease and help of making changes to my…

Ease and help of making changes to my living trust. LegalZoom rep walked me through the process without any difficulties. Really like working with LegalZoom.

Gregory Bechtol
155 days ago
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Enjoyed working with Kevin to finalize…

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JOHN in CALIFORNIA
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