Living Trust Benefits Explained

Hello ****. The accuracy of an asset search on a deceased person can vary. Factors include the thoroughness of the search, the record-keeping of the deceased, and the cooperation of financial institutions. South Carolina law requires a full accounting of the estate's assets.

Under South Carolina law, in the Probate Code, Section *-*-*, a personal representative is obligated to provide a full accounting of the estate's assets. The accounting should include receipts of the estate, disbursements, and the remaining property subject to distribution.

****, do you have any other questions about the South Carolina Probate Code or any other laws in South Carolina that you'd like me to provide information on?

Alright, ****. Feel free to reach out if you have further questions in the future. We're here to help you with any legal information you might need.

A living trust in South Carolina offers several benefits:
- Avoids Probate: Assets in the trust don't go through probate court, which can save time and costs.
- Privacy: Trusts aren't public record, unlike wills, so your estate details remain private.
- Control: You can specify how your assets are distributed and when.
- Incapacity planning: If you become incapacitated, a successor trustee manages your trust.

A living trust in Kentucky also offers several benefits:
- Avoids Probate: Assets placed in the trust do not go through probate, speeding up the distribution process.
- Privacy: Living trusts are not public record, offering more privacy than a will.
- Asset Management: Allows you to specify how and when your assets will be distributed.
- Incapacity Planning: If you become incapacitated, a successor trustee can manage your trust.

In Kentucky, a revocable living trust does not provide protection from creditors. They can still access the trust's assets to settle judgments. However, certain types of irrevocable trusts may offer some protection. It's best to consult with a local attorney for specific advice.