You have every reason in the world to begin the estate planning process if you have not already done so. It will benefit your family both while you are still alive and after you pass.
Puts Your Wishes Down on Paper
Many people think of estate planning as determining what happens with assets. It is far more than that. Part of your estate plan could include a living will or advance healthcare directives that could incorporate your wishes regarding healthcare decisions when you cannot state them yourself. Your will may also include your preference as to who should serve as guardian for your children.
Helps Transfer of Assets
You want to transfer as much of your assets as possible to your loved ones with the fewest roadblocks. Standing between that is the probate process, creditors, taxes, etc. Estate planning could help minimize your tax obligation and keep your estate out of probate through the use of trusts. Trusts and estate planning can be complicated, so you need an attorney to advise you on the possible types of trusts and help establish them.
Takes Care of Your Family
Your family will go through stress and uncertainty when there is no estate plan. They may even lose control of important decisions that could have been made ahead of time in the estate plan. Working on this plan reduces the burden on your family. It also helps you specify ahead of time who gets what assets and provides for predictability for your loved ones.
Columbia, SC Estate Planning Attorney
What happens if you do not have an estate plan?
The courts and South Carolina law will dictate how decisions are made, who makes those decisions, and how your estate is handled.
Can I handle my estate plan on my own?
The danger of using off-the-rack forms is that you may make a mistake or fail to account for your specific situation.
Should I try to avoid probate?
Yes, if you can. Probate (estate administration) takes time and can create hurdles to distributing assets.