For some people in South Carolina, divorce can cause both emotional and financial stress. Studies show that this stress can be even more acute for adults who are older than 50, and divorce is on the rise among this age group.
How divorce can affect people over 50
Should you accept the role of trustee?
If a loved one approaches you with an offer to serve as his or her trustee, you may feel a mixture of flattery and uncertainty. While it is an honor for someone to see you as responsible and trustworthy, the thought of being in charge of a trust may be daunting.
The role of a trust in estate planning
A trust may be a better choice than a will for some South Carolina residents. It can offer a number of advantages over a will, including more privacy since a trust does not have to go through probate. A trust can protect an estate from taxes, provide charitable contributions and protect assets from an irresponsible beneficiary as well as from creditors and divorce. A trust can provide for a spouse but ensure that children receive assets if the spouse remarries. It can allow assets to be left for a beneficiary with special needs without affecting that beneficiary's receipt of government benefits.
