Bluffton South Carolina Estate Planning Law Blog

Financially concerned people in South Carolina are well aware of the long-term benefits that come with careful estate planning. Taxes can be lowered, assets can be protected and families can get some peace of mind. However, many estate owners forget about the short-term circumstances that could arise directly following a tragedy. For example, what happens to a child in the immediate aftermath of a parent's death before a court enforces the guardianship provisions can be written out in an estate plan.

This short-term, narrowly focused type of plan is sometimes referred to as a micro estate plan. It addresses issues such as who the kids will stay with temporarily and who should be immediately contacted. It can include any type of immediate action needed to help children in a time of need. For many parents, the goal of this document is to minimize the trauma their children might have to experience.

You gave careful thought to what you want your will to accomplish. You made sure all the terms of your will are consistent with your wishes. Even if you've done all these things, the probate process could still end up going very differently than you would have wanted if you make a critical mistake in your will. This mistake is picking the wrong executor.

The executor is in charge of managing a person's estate and implementing the terms of a will after a person passes away. A person typically names an executor in his or her will.

South Carolina residents can use an estate plan to ensure that their assets are managed according to their wishes and that their beneficiaries are not overly burdened with handling the estate. The inclusion of a trust is an important part of having a complete and efficient estate plan.

One type of asset that individuals can place into trusts is real estate. They can have an attorney draft a deed or deed in trust so that the real estate title is transferred into the trust. This transfers the title from under the individual's name to that of the trustee of the trust.

People in South Carolina may consider using a revocable living trust as part of their estate plan to address issues that cannot be rectified with a will. A living trust is one that is created during an individual's lifetime and is useful in helping them with asset management and with ensuring that their wishes are carried out if they become incapacitated.

The majority of living trusts are created so that an individual has the option to revoke them or change the provisions at their discretion. Because they can be revoked or amended, and thereby included in the estate, they cannot be used to avoid being assessed taxes on the estate. However, they can be used to bypass the probate process.