Estate Planning in Charleston
Estate planning should be more than just the simple drafting of documents. It can be the creation of a legacy, both personal and financial, that you leave for your family and loved ones. Estate planning is the process of creating a plan for your assets, property, children, spouse, and other loved ones through the use of trusts, wills, and/or other legal documents, in the event of your disability or death.
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Many do not do any estate planning or are only interested only in “simple wills” or online forms due to concerns about cost. However, improper planning comes with many hidden costs, including:
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Having your assets go to people other than those you intended.
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The failure of your assets to provide the maximum benefit to your beneficiaries.
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Extra administrative or probate expenses and legal fees.
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Delays in distributing your assets throughout the probate process.​
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More taxes-both estate and income taxes must be considered.
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Damaging relationships between beneficiaries.
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Failing to protect beneficiaries financially, from themselves or others.
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Estate planning is for everyone, regardless of your assets or marital and familial status.
Estate Planning for Young Families
Two of the most common reasons people do not create an estate plan is that they feel they do not have enough assets and they do not believe they are old enough. But even if you are young and/or do not have large assets, there are plenty of reasons to create an estate plan. So, why plan now? Because life is uncertain and we all want the best for our families. The thought of planning your estate or preparing a will or trust may bring about anxiety and other uneasy feelings. It can spark difficult conversations about our lives and deaths. But having a solid and comprehensive plan for you, your spouse, children, and assets is often the best way to bring about comfort during these difficult moments. There is no better time to plan than now. You take care of your family every day and in every other way, so why not plan for them in the future?
Estate Planning for Single Persons
Estate planning is not just for married couples or those with children. Unless you have planned ahead of time, your estate will pass in accordance with the laws of South Carolina that dictate who receives your assets, regardless of your life situation or wishes to the contrary. You work hard for what you have and should be sure that the fruits of this hard work go to the people you want it to, be it family, friends, loved ones, or charitable entities, and not to whom the State says it should.
Whether you have a will or trust already or not, now is the time to review your plans and wishes to make sure they will be carried out in the way you want. If you have already drafted estate planning documents, it is important to review and update them every year or two and always in the event of major life or financial changes. If you have never executed estate planning documents, it is important to start this process and make sure your affairs are in order to give you the peace of mind you deserve.
Estate Planning for Seniors
Estate Planning for
Non-Traditional Families
Families come in all shapes, forms, and sizes. While estate planning is important for everyone, it is especially so for non-traditional and LGBT families. The State laws that direct what happens to your estate in the event that you do not have an estate plan (such as a will or trust) often do not recognize or apply to many LGBT and non-traditional families. For this reason, it is essential that an estate plan be created to ensure that your family is taken care of in the manner in which you intend. Medical directives and powers of attorney may be the only way to ensure your wishes are carried out as to who can make decisions for you in the event you cannot. Whether you and your partner choose to not be or are unable to be married, or if you are remarried and blending your family, it is important to learn about your estate planning options to be sure you and your family are protected from potential unintended consequences if you don’t make an estate plan.