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10 Pinckney Colony Road, #400, Bluffton SC, 29909
South Carolina Estate & Trust Administration
A properly drafted and funded trust will generally avoid probate. The trust need not be filed with the probate court. Nonetheless, there are still steps necessary to administer the trust: beneficiaries must be contacted; assets must be gathered, valued and managed; potential creditors must be notified; debts, taxes and final expenses must be paid; and, ultimately, any remaining income and assets must be distributed in compliance with the trust terms.
Successor trustees often lack the time, resources or knowledge to personally administer the trust, and therefore may call upon legal, accounting and investment professionals for assistance. Oftentimes, a corporate fiduciary (e.g., a trust company) is an excellent alternative to relying solely on busy family members or friends to serve as trustee. We can help your successor trustee(s) deal with the complexities of administering your trust. Please call our office and we will be happy to schedule a consultation, whether or not our office has drafted the original trust.
Probate is the process through which estate assets are transferred after death. When probate avoidance planning has not been implemented prior to death, the state will require a probate court proceeding if the deceased was a resident or owned assets in the state.
Probate can be supervised or unsupervised. In an unsupervised probate, the appointed estate administrator manages assets, pays any debts, files required tax returns and various court documents, and distributes the estate assets. However, the court may at any time require the process to be supervised (usually when someone expresses concern about the estate administration). In a supervised probate, the probate judge must approve every detail of the estate administration.
It is always best to seek the advice of a licensed attorney for guidance in probating an estate.
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A Veteran Owned Business
All Rights Reserved 2017
Elder Law & Estate Planning Center
Brian T. Treacy, LLC
The Elder Law & Estate Planning Center (located in Bluffton , South Carolina) is a full service South Carolina Estate Planning Law Firm. Elder Law & Estate Planning focuses on fundamental estate planning, Elder Law, Veterans benefits, wills & trust planning, powers of attorney, Medicaid application & qualification, long-term care planning, probate & estate administration, Medicaid crisis planning, special needs & disability planning, Aid & Attendance qualification, charitable planning, estate tax planning, and asset protection. Elder Law & Estate Planning services families and individuals throughout Bluffton, Beaufort, Hilton Head, and Hardeeville, SC