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Video Guide on South Carolina Living Trusts management

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Commonly Asked Questions about South Carolina Living Trusts

The cost of setting up a trust in South Carolina varies depending on the complexity of the trust and the attorneys fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000.
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.
Ways to Avoid South Carolina Probate Estate planners can use a number of different tools to avoid having to go through the probate process in South Carolina. They include: Living trusts. Creating a revocable living trust is one of the most comprehensive ways to avoid probate in South Carolina.
The cost of creating a living trust in South Carolina will depend on the method you use. If you want to make a living trust yourself with an online program, it will cost a few hundred dollars. You can also hire a lawyer to help you create your trust, which will likely run more than $1,000.
When you die, your will is probated in probate court. However, your trust is not probated. That means your beneficiaries under a trust can probably receive assets faster. You cannot leave assets to a pet in a will because animals cannot inherit in South Carolina.
Typically, youll name yourself as the trustee of your trust. This means that you retain control of the trust and its property while youre alive. In your trust document, youll also name a successor trustee to take over and manage the trust (including distributing your property) after you die.
An electing small business trust is taxed at the highest rate as provided in SC Code Section 12-6-510​. Any other estate or trust pays the same rate that applies to individuals. An estate or trust may be eligible for the reduced Income Tax rate of 3% on active trade or business income from a pass through business.