RES PUBLICAE

The terms above refer to two major categories of trusts.  An inter vivos trust is a trust that was created during the lifetime of the Trust Grantor/Settlor.   A testamentary trust is set up upon the death of the Trust Grantor/Settlor, typically in a Last Will. 

Some distinctions are that an inter vivos trust may be freely revocable by the Grantor/Settlor, whereas the testamentary trust is irrevocable.  The inter vivos trust may be set up to accomplish asset management, incapacity planning, or Medicaid planning for the Settlor/Grantor.  A testamentary trust is useful to protect the Settlor/Grantor’s eventual beneficiaries from dissipating their inheritance through immaturity, creditors’ claims, divorce, and the like. 

If you have a Last Will prepared, you will probably wonder what per stirpes means. The term is from Latin and means literally per branch. What it means is that each branch of a Decedent’s family takes an equal share, regardless of the number of family members in each branch. This term simply tells us attorneys how to divide up an interest in your estate in case the person you named as a beneficiary died before you, leaving surviving children.

The term is best defined by an example. Suppose that (more…)

Nope, it’s not a highway.  Intestate (or intestacy) means that a Decedent has died and has not left a Last Will and Testament to be admitted to probate. The South Carolina Code of Laws 62-2-101 states that “[a]ny part of the estate of a decedent not effectively disposed of by his will passes to his heirs as prescribed in the following sections of this Code.  Thus, everybody has an estate plan in place, even if a Last Will has not been executed.

Note - The statute may not reflect how you would want your estate to be distributed. It is best to consult with an attorney to discuss your estate planning, and not leave your estate plan in the hands of legislators in Columbia.

 See this post for more information on intestacy.

Testate means that a Decedent has died leaving a Last Will and Testament to be admitted to probate.

A Decedent is someone who has died.