What Is The First Step In Settling A Revocable Living Trust In SC?

The successor trustee should have access to the trust. He or she should go through the trust carefully and note how the trustor wants to settle the trust and allocate the assets to others. The trustee will then start to sell or contact the people in control of the assets and bring the assets out of the trust and transfer them to the beneficiaries.

How Long Does It Take To Settle A Trust After Death?

Settling a trust after death can vary. If the trust only consists of monetary assets, it can be resolved within two or three months. Trusts that involve a lot of property might take one to two years or even longer, especially if beneficiaries cannot be located right away.

How Long Do We Have To Settle A Trust In South Carolina?

There is no time limit for settling a trust in South Carolina. However, most of the time, the beneficiaries will contact the successor trustee to get the process started.

What If We Cannot Locate The Original Estate Planning Documents And Other Information Needed To Settle A Trust? What Can We Do?

Unfortunately, you cannot use a copy of the trust or any written statements provided by the trustor. If a trust has been destroyed and supporting documents are not available, a will can help. However, if there isn’t a will, then the next step is to go through probate as an intestate estate.

How Does A Trust Administration Attorney Determine Whether Or Not A Trust Needs To Be Probated?

A trust is never probated. It is directly handled by the successor trustee as far as distributing assets through the trust. Assets left out of the trust and placed in the individual name of the decedent will go through probate.

How Does The Trustee Legally Sell Assets To Cover Expenses Under South Carolina Law?

The trustee has documents called the trust certification that gives him or her the authority, as the trustee, to sell and transfer assets from the trust to the beneficiaries. The trustee is in charge of that process without any interference of the court.

What Happens If There Is Not Any Money Left After Bills And Other Expenses To Cover Taxes?

Taxes should be planned for and paid for first if there are any income taxes. This situation does not involve inheritance tax because a trust does not go through probate. However, if there isn’t any money left to pay for taxes after a trustee pays bills and distributes funds, a tax lien automatically applies to all assets, and it transfers to the beneficiaries. The beneficiaries will have to pay those taxes.

What Happens If Distributions Have Been Made To Beneficiaries And An Expense Pops Up? Who Pays For That Cost?

The trustee would be responsible for covering the cost of any missed expense since he or she has a fiduciary duty to handle the trust properly. The trustee’s fiduciary responsibility entails paying all necessary bills and expenses before distributing any assets. However, a creditor can also come after the beneficiaries, as well.

For more information on Settling A Revocable Living Trust In SC, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.

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