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Trust Administration

Wednesday, May 15, 2019

4 Trusts You May Not Know About

Many people are familiar with basic trust agreements such as the Revocable Living Trust or the Testamentary Trust. However, there are a few types of trust agreements that you may not be aware of that could be very useful as part of your estate plan. Working with a South Carolina wills and trusts lawyer is the first step in determining if a trust would benefit you and, if so, what type of trust offers the most benefits based on your goals and financial situation.
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Monday, May 13, 2019

What Are the Responsibilities and Duties of a Trustee of a Testamentary Trust?

If an individual wants to leave money or property to an heir but wants to limit the use of or access to those funds, you may want to consider a trust. A trust allows the grantor to protect property and funds from the grantor’s creditors while also protecting the assets from the beneficiary’s creditors. If you want to create a trust without drafting a long trust agreement, you may want to talk to a South Carolina wills and trusts lawyer about a testamentary trust.
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Sunday, April 14, 2019

How Do I Contest a Will?

Contesting a will is a common form of probate and estate litigation. Families may disagree about the final wishes of a loved one or disagree about how property should be distributed from an estate. In some cases, family members disagree about the terms of a testamentary trust or guardianship for a minor child. If you believe that you have grounds to contest a will, you may want to contact a Read more . . .

Thursday, April 11, 2019

6 Tips for Choosing a Personal Representative

A Personal Representative is someone who administers your probate estate after your death. Another term to describe this person is an executor. In South Carolina, you name your personal representative or personal representative in your will. If you do not name someone in your will or you do not have a will, someone must petition for court approval to serve as the personal representative of the estate. Your personal representative serves an important role.
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Sunday, January 27, 2019

How to Wind Down a Business When a Loved One Dies

If your loved one had a business succession plan, the plan should dictate how to transfer ownership of the business or close the business. However, if your family member died without a business succession plan, the business structure will govern how you need to wind down the business. Our South Carolina probate and trust administration lawyers discuss some of the common business structures and what is involved in finalizing a person’s interest in the business when that person dies.
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Monday, December 31, 2018

Mental Illness and Estate Planning - Know Your Options

When you are developing your estate plan, mental illness could be a difficult issue to address with your South Carolina special needs trusts lawyer. However, several estate planning options can help you prepare for the possibility that you may develop a mental illness, or you need to protect an adult child with a mental illness. In most cases, you can accomplish the traditional estate planning goals of avoiding estate taxes and probate, but you are also able to customize your estate plan to address unique situations related to mental illness.
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Friday, October 12, 2018

3 Tips for Choosing a Personal Representative for Trust Administration

When you are setting up your living trust or other trust documents, selection of the personal representative to administer the trust is one of your most critical decisions. Since most people do not have a great deal of experience in handling probate matters, it can be helpful to know the factors you should consider when evaluating this topic. Seeking the advice of an experienced trust administration lawyer can be critical. In the meantime, here are 3 tips for choosing a personal representative for trust administration.

Overview of What a Trustee Does

You need to understand what a trustee (a person or personal representative who administers a trust) does if you are to make an informed decision about who will serve in that role for you. You are asking the person to handle your money and other assets when you are not available to do so. Some people can handle that kind of responsibility without dipping their own hands into the pot, but others will be unethical or incompetent.

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Saturday, October 6, 2018

22 Things You Should Do Following the Death of a Loved One

When a loved one dies, whether expected or not, your life can become overturned. Suddenly you’re faced with questions about “What happens next?” from family and strangers alike. Often, the internal dialogue becomes simply – “What do I do now?” on a continuous loop. Our wills and trusts lawyers see this phenomenon every day. While we can’t take the pain away, we can offer some tips that can help you move through the “What happens next?”

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Thursday, June 7, 2018

What Does it Mean to Administer a Trust?

Trusts are an effective tool used by many people as part of their estate plan and retirement plan. With a trust, you can protect assets from your creditors, avoid probate, protect assets from the beneficiary’s creditors, and eliminate or reduce estate and gift taxes. However, a key element in any trust agreement is the appointment of a trusted person to act as the trustee. The trustee administers the trust.

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Wiles Law Firm, LLC helps clients with their estate planning needs in Charleston, South Carolina and the surrounding areas such as West Ashley, Summerville, North Charleston, Mount Pleasant, and John's Island.

Information on this website is not legal advice. Further, viewing of the enclosed information does not create an attorney-client relationship with Wiles Law Firm, LLC. Matters will be handled by attorneys who primarily practice out of our office in Charleston County located at 852 Lowcountry Blvd., Ste. 101, Mt. Pleasant, SC 29464. M. Emerson Wiles, III is the attorney responsible for this advertisement.

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