Understanding And Using Trusts

At The Dennison Law Firm, we help you protect the people and assets most important to you. Oftentimes, this means setting aside assets in a manner that will yield the greatest benefits for your loved ones.

Trusts are an excellent legal tool to transfer assets for future use while setting strict guidelines for how, when and to whom those assets can be dispersed. It is much harder to impose such conditions when bequeathing assets in a will. Best of all, trusts are highly customizable and can be set up for many different purposes.

What Kind Of Trust Is Right For Your Family?

At the most basic level, trusts are considered either revocable or irrevocable. In most cases, a trust starts as revocable, meaning that its creator can amend it or revoke it as they see fit (if the creator also serves as the original trustee, which they usually do). When that person passes away, it is typical for the trust to become irrevocable, which means it cannot be amended or revoked.

There are many different kinds of trusts established for specific purposes. Three common examples include:

  • Special needs trusts: These are designed to take care of a family member/loved one with special needs, often in a manner that does not disqualify the person from also receiving government benefits.
  • Charitable trusts: These are designed to create a legacy of charitable giving, often naming a specific charity or social cause.
  • Family trusts: These are created for the well-being of your family. You can transfer assets to the trust over time.

Many trusts have tax implications and may also influence whether the estate is subject to probate. No matter what your specific goals may be, our firm's attorney will work to find the most appropriate trust to meet those goals, and will walk you through all necessary legal and logistical steps.

Have More Questions About Trusts? Contact Our Firm For Answers.

The Dennison Law Firm is located in Greenville and serves clients throughout the Upstate of South Carolina, including Easley, Pickens, Laurens, Greenwood, Spartanburg and Anderson counties. To take advantage of a free, initial 30-minute consultation with an experienced estate planning lawyer, call us at 864-626-6514. You can also send us an email.