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.
When a South Carolina resident is creating an estate plan, there are many specifics to consider. For example, it's important to choose the right people for estate planning roles. One common problem is that multiple people may be appointed for responsibilities that overlap. This and other errors may cause conflict.
When parents or grandparents in South Carolina create a trust for a child, they often wonder if they should tell them about it. Many of these children won't see the benefits of the trust for many years, but even the knowledge of the benefits may affect their behavior. The creator of the trust may have concerns that the beneficiary will lose ambition or feel entitled. Conversely, they don't want the child to be worried about their financial future.