Bluffton South Carolina Estate Planning Law Blog

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.

A trust can be a powerful tool in an estate plan by protecting assets from creditors or in a divorce. When shares of a family business are placed in a trust, the voting rights are held by the trustee instead of the beneficiaries. This may help ensure that votes are made with the good of all beneficiaries in mind instead of the self-interest of just one person. Some people in South Carolina may want to build their estate plan around a trust, but it is important to have the right trustee.

People often default to appointing a spouse. However, a spouse who is close in age might become incapacitated or die soon after. A spouse could be unduly influenced by some family members. Or, the spouse could remarry, and the assets in the trust might pass to the new spouse's family. In a blended family, appointing a spouse as trustee could create a rift with the stepchildren and end up in litigation. Some of the same dangers could arise if an adult child is appointed as trustee. The child might simply have no interest in acting as trustee.

People in South Carolina who fail to regularly review their estate plan may do so for various reasons. They may be reluctant to talk about death or may be intimated by the complex documents or tax laws. However, an estate plan that is not properly up to date may not be efficient enough to ensure the assets of an estate are distributed as preferred by the estate's owner.

One indication of an inadequate estate plan is that important documents are missing. The most basic estate plan should include a will, an advanced medical directive, a financial power of attorney and a will. All of these documents should be evaluated by an attorney within the last decade and immediately after all major life events.

The American Association of Retired Persons reports that around half of adults do not have an estate plan, and some people in South Carolina may be part of that percentage. Individuals might not have a plan because they think they are too young, have too few assets or do not have family, but there are a number of reasons to create an estate plan.

Most people want some kind of control over their medical care if they were to be incapacitated. A living will that addresses a person's wishes for end-of-life care and a power of attorney that appoints someone to make medical decisions on that person's behalf can ensure some of this control. A financial power of attorney can appoint someone to take financial and legal action for the person.