Split Legal South Carolina Living Trusts Forms For Free

The cost of setting up a trust in South Carolina varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more.

A joint trust gives the surviving spouse more flexibility to use all of the assets of the trust after the death of the first spouse. A joint revocable trust is also easier to fund and maintain during a couple's lifetime. All assets simply go into the same place; there's no need to decide which trust an asset goes into.

In that case, a joint revocable living trust may make the most sense for them. With a joint trust, the surviving spouse obtains complete control of the assets after the first spouse passes away. On the contrary, if separate trusts are used, the surviving spouse may end up with limited access or control over the assets.

To make a living trust in South Carolina, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

The trust can pay out a lump sum or percentage of the funds, make incremental payments throughout the years, or even make distributions based on the trustee's assessments. Whatever the grantor decides, their distribution method must be included in the trust agreement drawn up when they first set up the trust.

For example, if the trust owns real estate, the trustee could make a distribution in cash by selling the property and dividing the proceeds among the settlor's two children, or the trustee could make a distribution in kind by simply deeding the property equally to both children so that each owns an undivided 50% ...