In the past, people would find out what they were inheriting at a will reading. This is often used for dramatic effect in movies and television shows. For instance, someone may be surprised to find out that they have inherited the family business or outraged to discover at the will reading that they have been disinherited. This may work well in fiction because of the drama that it creates, but it is a historical relic. Will readings only happened because the majority of Americans used to be illiterate. Literacy rates are still not as good as they could be across the country, but the majority o ..read more

Wills are important state planning documents. For some people, a will might be the only document that they establish. For others, their wills create the foundation that they build upon with other paperwork. Will provide instructions about what happens with someone’s property, information about their memorial service and support for their dependent family members. Testators in South Carolina create documents to establish a meaningful legacy and to provide support for their loved ones. Their efforts might go to waste if the courts later rule that the will is not valid and enforceable. The docume ..read more

Estate planning is a so-called “living process,” as estate planning documentation benefits from periodic review and updates to better ensure that it remains aligned with your life circumstances, financial situation and goals.  As a general guideline, reviewing your estate plan every three to five years is a prudent practice. However, certain life events can necessitate more immediate modifications. Understanding when and why to update your estate plan can help you to protect your assets and better ensure that your wishes are carried out effectively. Catalysts for urgent updates Significan ..read more

One of the most important tasks an adult has to handle is creating an estate plan. This sets a plan for your assets so a transfer from you to your loved ones can happen after you die.  There are several options for laying out who gets what. One of these is an irrevocable trust. This is a trust you create that can’t be changed once you set the terms. While you have to give up control of the assets to the named trustee, you and your beneficiaries will reap important benefits.  Asset protection One of the primary reasons someone might choose to include an irrevocable trust in their esta ..read more

Estate planning largely revolves around leaving assets to your loved ones upon your death. Nonetheless, there is much more to it than this.  Charity plays a huge part in the lives of many people. If this is the case for you, then you may want to make charitable giving a part of your legacy. You can do this in numerous ways with your estate plan. Here’s how you can make charity a part of your plan.  Leave money in your will  One of the most straightforward ways to give to charity is to leave money in your will. You can do this by naming one or more charities as beneficiaries. How ..read more

If you haven’t made an estate plan yet, you may think that you’re falling behind. Perhaps you assume that most people already have a plan in place, and you’re the one who needs to get caught back up. In fact, maybe this assumption is why you are now considering making an estate plan in the first place. It is quite important to make your plan in advance. That said, it is a myth that most people have already done so. The truth is that the majority of Americans don’t yet have an estate plan. You’re not alone if you haven’t made your plan yet, although you do want to take steps to get it in place ..read more

Estate planning is an important part of financial management. Having an estate plan in place means you can have confidence your assets will be distributed based on your wishes after you pass away. However, many people make mistakes during the estate planning process that can lead to complications and unintended consequences. Some of the most common mistakes that you’ll want to avoid when estate planning are detailed below. Procrastination One of the biggest mistakes people make is procrastinating when it comes to estate planning. It’s easy to put off creating a will or establishing a trust, bu ..read more

Your estate executor is the person who will be in charge of reading your estate planning documents and following the instructions that you have listed within. Say that you have two adult children and you want to divide your financial assets between both of them. The estate plan may outline your intentions, but is the estate executor who inventories these accounts and then splits them up between the beneficiaries. As such, it’s important to find the right person. Here are a few things to look for. Responsibility and attention to detail  To start with, this person needs to be very responsib ..read more

For many people, the main focus of estate planning is money. They have amassed a certain amount of wealth and they want to make a plan to pass that wealth to the next generation. They can write a will, put money in a trust, use a payable-on-death (POD) account and much more. It is important to consider the financial side of estate planning. But it’s also crucial to note that this is not all that estate planning can be used to accomplish. There are many other goals that have very little to do with finances, and they deserve consideration. Making medical plans For example, a person could use an ..read more

When someone passes on, everything they own is then referred to as their estate. An estate is the sum total of property, debt and assets the decedent amassed throughout their life. Since they’re no longer around, someone has to manage their estate, and this is where administrators and executors come in. While these two terms are sometimes used interchangeably, they have unique distinctions that you should be aware of. Understanding the roles of executors and administrators is crucial for effective management and strategic decision-making. What is an executor? This is a designated individual re ..read more