Trust Administration versus Probate

Charleston Estate Planning | Trust AdministrationTrust administration, much like the probate process, attempts to transfer all estate assets and property upon the death of the grantor.  While the Last Will & Testament create an irrevocable trust to allocate estate property and assets through the legal oversight of the South Carolina Probate Court, trust administration instead establishes a revocable living trust to transfer assets and property to chosen heirs.

Trust Administration poses several advantages when compared to the probate process. Trust administration firstly avoids involvement with the South Carolina probate court which allows for a potentially quicker and cheaper disposition of estate assets. Avoiding probate through trust administration may also be useful through the added degree of privacy by shielding the allocation of personal property from the public scrutiny of a court battle. Trust administrations may also be financially wise as it can allow one to avoid the costs and fees of the probate process.

One potential disadvantage of a trust administration could be the lack of court supervision in the event of a dispute between heirs. The probate process can be valuable through the inclusion of an impartial legal judge to allow individuals, families and heirs to settle the disposition of estates in a fair and equitable manner. The probate process also provides creditors with less time to file claims against the grantor or the respective heirs.

Our Charleston estate planning attorneys offer the legal representation to help individuals, professionals and families navigate the various manners to allocate estate property and assets.
Estate planning can be a difficult and stressful process, especially when the process requires life-altering decisions such as the total disposition of property and assets. The best method to divide out an estate also may not be apparently clear without practiced legal expertise. The difference between a smart and a hasty estate plan can often amount to a difference of tens of thousands of dollars for the grantor and their heirs. Our Charleston estate planning attorneys provide legal counsel to evaluate the options of trust administration and pursuing probate for individuals, families and professionals.