Wills & Trusts Attorneys in Summerville
Our Lawyers Will Help You Protect Your Estate inCharleston, Dorchester and Berkeley Counties
At PMC Law Firm, our dedicated team of lawyers knows that if you fail to make plans for your estate, then your loved ones can face numerous obstacles after you pass away. That is why we are here to guide clients so they can succeed and ensure that their wishes and preferences are respected when they are no longer around. We provide top-notch legal services and comprehensive estate planning and trust administration counsel that you can rely on to make informed decisions that will protect your wealth and legacy and ensure your loved ones are protected after you die.
Why Do I Need a Will?
A last will and testament is a legally binding document that the courts use to distribute your assets to your beneficiaries at the time of your death. If you don’t have a valid will when you die, then your wealth and property will be distributed according to state law, which might be people you dislike or don’t trust. If you have minor children, you can use your will to appoint a guardian. You can even disinherit a child in your will if you don’t want them to inherit your estate.
Drafting a will usually takes a few hours, depending on the size and complexity of your estate. If you die without a will, state law will decide who becomes your executor and which beneficiaries can claim funds from your estate. This means that the court ultimately decides which of your creditors and beneficiaries can claim funds from your estate.
What Is a Trust?
You can use a trust to create a fiduciary relationship with another party. Under the terms of the trust, the other party has the legal authority to distribute any of the assets held in the trust to your designated beneficiaries. The two most common types of trusts clients include in their estate plans are living and testamentary trusts.
With a revocable trust, also known as a living trust, you are still the owner of all the property held in the trust until you die. The major difference between a living revocable trust and a will is that the property held in trust is transferred outside of probate court. Most people use this type of trust for the life insurance proceeds that their beneficiaries will inherit when they die.
A testamentary trust is included in a person’s last will and testament. This planning tool allows for all or part of an estate to be distributed. Most people use this type of trust to provide for minor children or to provide protections for the beneficiaries that will inherit when they die. For further information, contact the Summerville trusts lawyers at PMC Law Firm.
Consult with a Wills & Trusts Attorney in Summerville
Do you want to add a will or trust to your estate plan? If so, don’t hesitate to speak to one of our experienced lawyers at PMC Law Firm about your situation. Our team of lawyers is here to help with all of your estate planning needs, and we will gladly review all of your options under the law. Let us put our skills to work for you today!
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