Charlotte & Sumter Trust Lawyers

Trusts are part of comprehensive estate plans. Unlike wills that have one main purpose, trusts can be set up for many different purposes and in many arrangements. This makes them more difficult to understand but gives them wider use. They can be revocable, meaning you can change them or irrevocable, meaning you cannot. As the person setting up the trust, the “settlor,” you can create a trust for anything lawful, ranging from asset protection to education, financial support, charitable contributions, tax planning, and more.

At the Law Office of Montgomery and Hart, we provide estate planning that involves all types of legal methods and instruments, from wills to various types of trusts, Powers of Attorney, estate administration, health care saving accounts, probate avoidance, and more. Our attorneys can walk you through the steps of how best to protect your legacy, educate you on the various tools, and guide you through the process. In the matter of trusts, we can assist you in creating trusts that are appropriate for your needs and goals.

What Is a Trust?

A trust is a separate legal entity into which you convey property or assets. These assets are then titled under the trust and are managed by your appointed trustee(s) for the benefit of your beneficiaries. Upon your passing, the trustee(s) distribute the assets held within the trust according to the terms and conditions that are laid out in the trust document. Because these assets belong to the trust and are not part of your estate, they can be passed on without going through probate.

In the most common type of trust, a revocable “living” trust, you can convey your assets into the trust and manage those assets as you see fit as the trustee. Upon your passing, your successor trustee(s) will be held responsible for passing on the assets per your instructions. As the trustee, you can amend or revoke the trust at any time during your lifetime. 

Many assets can be conveyed into a trust, such as:

• Real estate
• Bank accounts
• Insurance policies
• Investment assets
• Personal belongings
• Safe deposit boxes
• Limited Liability Company stock or stakeholder shares
• Cryptocurrency