Columbia, SC (PRWEB) September 23, 2014
Estate planning, while incredibly important, can be unbelievably confusing making it difficult to get started. Estate planning attorney Heather Cairns, of Cairns Law Firm LLC in Columbia, SC, expands on the importance of trusts used in estate planning to help those considering estate planning to take the first step. Cairns Law Firm believes it’s important for clients to understand the types of trusts that are used in estate planning in simple, easy-to-understand terms without needing an appointment with a lawyer.
Ms. Cairns, a member of the South Carolina Bar Association and the Richland County Bar Association who has been practicing estate planning, probate, residential real estate, and family law since 2005, announces the “Four Types of Trusts Used in Estate Planning and Best Practices for Forming Trusts”. All can be found on a dedicated page at Cairns Law Firm website.
A revocable trust (also known as a living trust) - put into place to allow a party to control their assets until their death. Furthermore, says Ms. Cairns, “When you die, the assets in the trust will not go through probate, likely cutting the amount of time and money involved in the administration of the estate, as well as public scrutiny.”
An irrevocable trust - less flexible than a living trust because once you place assets in an irrevocable trust, you cannot remove them. You no longer will have complete control over the assets. There can be circumstantial tax advantages with an irrevocable trust.
Special needs trust - a way for the party to ensure that a person with special needs or a disability is cared for.
Educational trust - ensures that certain assets are used for a person’s education.
Cairns law firm invites anyone to learn more about estate planning by visiting their website with easy-to-understand explanations of the four types of trusts. Those with further questions about estate planning or a need for an estate planning attorney can contact Cairns Law Firm for additional help.
About Cairns Law Firm
Cairns Law Firm provides high quality legal services in the Columbia SC area. Heather M. Cairns is an experienced attorney dedicated to practicing law the right way by providing prompt, reliable, and confidential communication to her clients. Her areas of experience include estate planning, wills & trusts, probate administration, family law, divorce law and residential real estate law.