Month: July 2020
What happens to your digital assets when you die?
You may not consider your digital assets when considering estate planning. However, it is essential that you plan for these, as well as your tangible assets. Digital assets encompass a wide range of electronic records and accounts, including social media profiles,...
A will is not the only way to bequeath your assets
Many people who haven’t yet begun the process of developing an estate plan think that the will is the only instrument used to designate how assets will be distributed after they die. While the will is always the central document of an estate plan, there are multiple...
What is the difference between heirs and beneficiaries?
Estate planning has a lot of unique legal words, such as heir and beneficiary. Heirs and beneficiaries are often used interchangeably to mean someone who would gain assets from the deceased’s will or trust. However, the use of these words depends on specific...
The details and benefits of a discretionary trust
In South Carolina, discretionary trusts are an estate planning tool that allows the grantor to distribute assets to a beneficiary according to flexible guidelines based on the trustee's discretion. The following points explain this type of trust and the...
Charitable giving and estate planning
Estate planning often involves deciding what assets go to heirs. However, not all distributions must go to relatives and other close beneficiaries. An estate plan may involve charitable giving, directing a little or substantial amount toward good causes. The key point...
Health care in the estate plan
Under South Carolina intestate succession laws, if someone dies without a will, their assets automatically transfer to the closest relatives. However, there may be interim issues when estate planning for the final days. Many select a power of attorney in case they...
3 ways to handle estranged children in South Carolina
All families experience some level of conflict at times, but in some cases, the strain can be so severe that it leads to a breakdown in communication and estrangement. This is a difficult situation for all involved, and when estate planning becomes part of the...
Using an estate checking account
If you have assets, such as stocks, property and furnishings, it can be helpful to create an estate plan if you want to pass them along to specific beneficiaries after you pass away in South Carolina. An executor will be in charge of distributing your assets during...
A guide to paying estate taxes in South Carolina
South Carolina families that have just lost a loved one have much on their plate. One element many fail to consider are taxes and how they will get paid. What taxes occur after the death of a loved one The Internal Revenue Service (IRS) still needs the decedent's...
Period it takes for beneficiaries to get notified after death
Inheritance in South Carolina is something many people worry about. Determining who should get what and how it should be divided can be stressful. One thing that can ease this process is to know the period it takes for beneficiaries to be notified after a death. The...