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.
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.
The first month of the year is a great time for South Carolina residents and others to get their lives in order. For example, it can be a great time to create a savings account or finally get serious about meeting fitness goals. It can also be a great time to get serious about creating an estate plan. Ideally, a plan will include a will that dictates where assets go after a person dies.
South Carolina residents who are creating estate plans should watch out for several common errors. For example, some estate owners forget to leave information where it can be easily found by executors or beneficiaries. It is best to make a complete list of all assets and their locations. This includes mortgage paperwork, information on bank accounts and paperwork associated with insurance policies. There are also sentimental assets that a person might want to identify. Furthermore, estate owners should not neglect digital assets.
Although older people in South Carolina might realize at some point that they need to make final arrangements for their estates, young people could also prevent many difficulties by completing an estate plan. They might consider death far off or their estates insignificant, but estate plans could reduce problems when accidents leave young people incapacitated.
When people die without executing a legal will or trust, control over what happens to their estate is relinquished. South Carolina has its own laws, as do all of the states, for what is known as intestate succession. Distribution of assets of the estate follows the statutory scheme without regard to the decedent's wishes.
Estate owners in South Carolina have many options when it comes to wills and trusts. In some cases, they will choose to leave a portion of their assets to charity and a portion to their children. If a person chooses to structure their estate plan in such a fashion, it is important to consider the tax implications of how assets are actually transferred.
South Carolina fans of the musician Prince might know that he did not have a will, and as a result, his estate has been tied up in probate. Aretha Franklin has also died without an estate plan. According to one of her attorneys, he urged her to make one but she simply did not get around to it.
Financially concerned people in South Carolina are well aware of the long-term benefits that come with careful estate planning. Taxes can be lowered, assets can be protected and families can get some peace of mind. However, many estate owners forget about the short-term circumstances that could arise directly following a tragedy. For example, what happens to a child in the immediate aftermath of a parent's death before a court enforces the guardianship provisions can be written out in an estate plan.
Roughly 19.5 million of the people who live alone in South Carolina and other states are age 65 and older. While some people prefer their independence, a spouse or child can act as a caregiver as an individual gets older. Absent the support that family members can provide, it is important for older people to create estate plans that meet their needs. Part of this plan is to save as much money as possible while still a part of the workforce.