There are several reasons why a South Carolina resident may procrastinate on creating an estate plan. For instance, it can be uncomfortable to talk about death with family members and potential heirs. The cost of an estate plan may also be a roadblock. However, those who have not yet created their estate plan are advised to do so as soon as possible.
Neglecting a will or trust may result in family members not getting assets that they were intended to receive. It can also result in higher tax bills or other problems. To make the process easier, one could create an estate plan with the help of a lawyer. While there may be a cost associated with doing so, legal counsel could help craft a proper plan.
Individuals may feel overwhelmed by the thought of creating an inventory of their assets. However, a family member or friend could provide assistance during this process. It might be a good idea to divide items based on whether they are physical or financial assets. From there, an individual can determine who will be the best person to receive it or if it should be held in a trust.
A trust can be an effective estate planning tool for individuals regardless of their economic status. It may be used to shield the asset from creditor claims or claims made by other interested parties. Furthermore, a trust can prevent a beneficiary from squandering money that the estate owner spent many years or decades accumulating. An attorney could talk more about the various types of trusts as well as the process of creating them.