Compassionate Trust Administration With Montgomery Law Firm
Trust administration in Bluffton, South Carolina helps your family handle your estate matters after you pass away. Our estate planning attorney, Hunter Montgomery, helps craft a comprehensive estate plan for you. In this manner, you can make sure your legacy passes to the heirs you choose.
Many people look at estate planning as a means to express your wishes for your property when you pass away. This is certainly a big part of the process, but don’t discount the estate administration component.
Last Wills and Probate
If you plan to transfer your assets using a will, your executor would be the administrator of your estate. While it is perfectly okay to name someone you know personally, you could also select a professional. Some attorneys, accountants, banks, and trust companies offer fiduciary services.
The executor would not be able to act independently without court supervision. After your passing, the will goes to probate. During probate, final debts must be paid by the executor, and the assets must be inventoried and prepared for eventual distribution to the heirs.
You should select someone with a good bit of financial acumen if you are going to use an individual to act as your executor. Obviously, trustworthiness is a necessary quality, and you should consider potential conflicts of interest. After the probate process is complete, the executor can distribute inheritances in accordance with the terms of the last will. Use our calculator to estimate probate fees for estates over $150,000, but less than $10,000,000.
Guardianship and Conservatorship
Another function of the probate court is to preside over guardianship and conservatorship matters. A conservator is someone that handles the financial affairs of a minor child or an incapacitated adult. A guardian would act as a personal decision maker.
Trust Administration in Bluffton
When you fully understand the difference between a last will and a revocable living trust, you will probably prefer the latter. You do not lose personal control of assets that you convey into a living trust, because you could act as the beneficiary and the trustee while you are alive and well.
The aforementioned process of probate is time-consuming, and the inheritors do not receive anything while it is underway. This time lag is eight months at minimum, and it can be longer if any complications arise.
In addition to the time element, there are a number of expenses that accumulate during probate. A loss of privacy is another drawback. Since it is a public proceeding, anyone can access probate records to find out how your assets pass to your heirs.
Trust Administration in Bluffton: Living Trusts
With a living trust, the trustee can provide inheritances to the beneficiaries outside of probate, so you avoid these negatives. This is one benefit, but there are many additional advantages.
A trustee is very similar to an executor in many ways, but a major difference is the fact that the trustee may stay in this role for a long time. This is because you have the ability to allow for limited distributions to beneficiaries over a number of years.
Once again, you can name someone that you know personally to act as the trustee of your living trust. All the same qualities would be required, along with a bit of legal knowledge. Of course, we can always be engaged to provide the necessary assistance during the trust administration process.
The same entities that provide executor services are fully qualified to administer living trusts. We are highlighting living trusts per se because this is the most commonly used type of trust, but there are others, and a trustee is always necessary.
Take Action Today
We are here to help if you are ready to put an estate plan in place, and we would be more than glad to update your existing plan if your situation changes. We are happy to help you and your family with trust administration in Bluffton and the surrounding communities. You can call us right now at (843) 815-8580 to schedule a consultation appointment. There is also a contact form on this website that you can use if you would like to send us a message.
Our Estate Planning Lawyer is located in Bluffton, SC near Hilton Head Island, proudly serving clients from Pritchardville, Okatie, Brighton Beach, Windmill Harbor, and all of Beaufort County.
