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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...

Understanding ancillary probate

If you live or own property in South Carolina, your estate will likely be subject to the state's probate laws. However, if you also own property in another state, an ancillary probate proceeding will need to take place within that jurisdiction. Ancillary probate...