Estate planning services - Understanding Living Trusts

I have a will. Why would I want a living trust?
If you have a will, most property you own at death will be distributed to your heirs and loved ones according to the terms of your will. But everything going through the will must go through Probate Court. If you have a living trust, the property in the trust will not go through Probate Court.

What is wrong with going through Probate Court?
Most people find four problems with their estate going through Probate Court:

1. It can be expensive. There are legal and executor fees involved which must be paid before the estate can be distributed. If you own real property in other states, that property must go through Probate in those states, increasing the costs of Probate.

2. It takes time. In South Carolina, a bare minimum of more than eight months is necessary to probate an estate. During this time, the assets are usually "frozen" and cannot be used by the heirs. If money is needed, the family members must usually petition the court for the money, and the request may be denied.

3. You have no privacy. The will and an inventory of all the assets of the estate is placed on public record in the Probate Court. Any "interested parties" can request and look at all the information in the estate's file. This may mean disgruntled heirs and unscrupulous solicitors who will cause problems for the family members.

4. Your family has no control. The probate process is dictated by statute in South Carolina and most other States, and is under the control of the Probate Court. More