Bluffton South Carolina Estate Planning Law Blog

Trusts have helped many people in South Carolina plan for the future. By creating a trust, people can develop a plan that not only cares for their assets at the present time but can distribute them after death. Trusts give people much greater levels of control and flexibility in determining how their assets will be handled after they pass away. They allow people to make plans for legacies of generational wealth or create a mechanism for charitable giving and philanthropy. In addition, people who create trusts have much higher levels of privacy, as they are not considered public documents and do not go through the probate process.

Trusts also provide a more secure, trustworthy method of passing assets on to minor children. By naming a trustee, parents can ensure that their children have access to funds but will not receive their full inheritance until they are able to handle it. They may also be able to create conditions to give people access to these funds. They can also be very important for family members of people with special needs. Certain types of trusts allow people to pass on assets without hurting their loved ones' eligibility for key government programs.

There are no shortages of reasons why many South Carolina residents fail to complete the estate plan the vast majority of them fully understand they should and intend to establish. Of course, there is the uncomfortable thought of dealing with one's own mortality, but sooner or later everyone needs to confront that reality. And for many, there are difficult decisions or perhaps no good choices when it comes to dividing up assets among beneficiaries. But it's also true there is simply a common lack of understanding regarding what purpose individual estate planning documents serve and how they work together to protect the individual's interests.

Legal commentators point out a great deal of confusion exists because the terminology that has developed over the years has been anything but clear. For instance, a common form of trust that an average person or couple can employ may properly be called a 'living trust," but a 'will" and a 'living will" are two entirely different documents. Additionally, although a will and a trust are two distinct documents, both can accomplish many of the same estate planning objectives.

Estate plans can help anyone protect assets or ensure that his or her final wishes are carried out. However, those who own businesses in South Carolina or anywhere else should have an estate plan in place to protect their companies. Creating a plan may help ensure that the surviving spouse will have the financial resources that he or she needs after the business owner dies or becomes incapacitated.

In some cases, it may be best to sell the business and give the money to the surviving spouse. The other spouse could also be allowed to run the company and keep it in the family. If another person partially owns the company, it is a good idea to consult with that individual when making an estate plan. This is because a business partner might not want to be involved with the decedent's spouse.

When people in South Carolina make a will, they may know just how important it is to keep a signed copy of this key estate document safe and secure. People make wills to determine how their assets will be distributed after they pass away. By planning for the future, they can specify the use of their property without relying on the state law standards. Estate planning is especially important for wealthy people, but it can help people of any means. Family members will find that dividing assets is an easier process if a clear, legal will is available, and they will generally spend less time and money in probate court.

However, because people know that their will should be accessible and available in the event of their death, some may be tempted to keep or distribute several signed copies. People may want to pass copies to their children or to trusted advisors. However, many estate planning lawyers advise against this practice. After all, a will can be edited and changed by the creator as long as he or she is competent. This means that people may wind up with several different versions of their will floating around and even being entered into probate court.