A will and a revocable living trust both let you decide who receives your assets, but they work differently. In South Carolina, a will generally goes through probate after your death, while a properly funded revocable living trust allows assets to pass to beneficiaries privately without probate.
Many estate plans include both because each serves a different purpose. Understanding how they compare can help you determine which approach best fits your goals.
What Does a Will Do?
A will is a legal document that directs how your property should be distributed after your death. It also allows you to nominate a personal representative to administer your estate and, if you have minor children, name a guardian.
In South Carolina, a will generally must be filed with the probate court before your estate can be administered and assets distributed.
How Does a Revocable Living Trust Work?
A revocable living trust is created during your lifetime. You typically serve as trustee, keeping full control over your assets while you are alive. Because the trust is revocable, you can change or revoke it as your circumstances change.
After your death or incapacity, the successor trustee manages and distributes trust assets according to your instructions. Assets properly titled in the trust generally avoid probate under the South Carolina Trust Code.
Will vs. Revocable Living Trust: What Are the Biggest Differences?
| Will | Revocable Living Trust |
| Takes effect after death | Operates during your lifetime and after death |
| Generally requires probate | Generally avoids probate for trust assets |
| Probate records are public | Trust administration is generally private |
| Lower upfront cost | Higher upfront cost |
| Does not manage assets during incapacity | Allows a successor trustee to manage trust assets if you become incapacitated |
Both documents can be effective estate planning tools, but they accomplish different objectives.
Is a Revocable Living Trust More Expensive?
Generally, yes. A revocable living trust usually costs more to prepare because it requires additional planning and documentation. A will is often less expensive upfront.
However, a trust may reduce probate-related costs and delays later because assets held in the trust generally pass directly to beneficiaries without court administration.
Why Do Many People Want to Avoid Probate?
One of the primary advantages of a revocable living trust is probate avoidance.
Probate is the court-supervised process of administering a deceased person’s estate. Depending on the size and complexity of the estate, the process can take several months or longer. Assets that have been properly transferred into a revocable living trust generally pass outside probate, allowing the successor trustee to distribute them according to the trust’s terms.
Are Revocable Living Trusts More Private?
Yes. Probate proceedings in South Carolina generally become part of the public record. Because revocable living trusts typically avoid probate, the trust agreement and the distribution of trust assets generally remain private.
For many families, that additional privacy is an important benefit.
Why Funding Your Trust Matters
Creating a trust is only the first step. To receive its probate avoidance benefits, you must transfer ownership of appropriate assets into the trust during your lifetime.
This may include:
- Real estate
- Bank and investment accounts
- Business interests
- Other titled assets
Assets left outside the trust may still pass through probate unless another estate planning tool applies.
Why Many South Carolina Estate Plans Include Both
Choosing between a will and a revocable living trust is often unnecessary because many people benefit from having both.
A revocable living trust holds and distributes most assets, while a pour-over will directs assets that were not transferred into the trust during your lifetime into the trust after your death. Although those assets may still require probate, the pour-over will helps ensure they are ultimately distributed according to the trust’s terms.
Choose an Estate Plan That Fits Your Goals
The right estate plan depends on your family, your assets, and your long-term objectives. For some people, a will is sufficient. Others benefit from the probate avoidance and privacy a revocable living trust can provide. Many South Carolina residents find that using both documents offers the most complete plan.
At Willcox, Buyck & Williams, P.A., we help individuals and families create estate plans that reflect their needs and priorities. If you’re considering a will, a revocable living trust, or both, contact us to discuss your options.