ESTATE PLANNING
Estate planning is the process of planning the disposition of your property (estate) after your death and, to some extent, during your lifetime. The goals of a solid estate plan follow:
| * | To transfer your assets to those you want to have them; |
| * | To avoid unnecessary taxes and administrative expenses; and |
| * | To do this as quickly and simply as possible. |
If any of these things are important to you, you should consider estate planning.
A will is the most common document used to control the disposition of your estate at your death. Some of the functions of a will are listed here:
| * | To decide who gets your property rather than letting the laws of South Carolina decide for you; |
| * | To provide for your spouse, minor children, or other family members; |
| * | To avoid the expense of bond premiums; |
| * | To name your choice of a personal representative (executor) of your will; |
| * | To name a guardian for your minor children or incapacitated adult children; and |
| * | To make provisions for the sale of real estate and other property without court proceedings. |
Contrary to popular belief, your estate doesn’t go to the state automatically. Rather, the laws of the State of South Carolina will determine which of your relatives gets your estate and how it will be administered. The formula used is very rigid, and often the results are unexpected or unsatisfactory. The Probate Court will appoint a personal representative according to a priority list who may or may not be the person you would want to serve. Often the costs of the administration of an estate and the risk of litigation is greater for estates where there is no will.
The simple answer is usually yes, but due to differences in state laws, sometimes changes are necessary. If you have moved to South Carolina from another state, it is wise to have your will reviewed by a South Carolina lawyer who can advise you whether you need to make any changes to your will.
A married couple with less than $3,500,000 of assets (in 2009), including life insurance, will not normally have to pay estate taxes. However, the federal estate tax laws are very complex, and their application to an individual situation should always be evaluated by a qualified professional. With proper planning, your exposure to estate tax liability can often be reduced and sometimes even eliminated.
This website is designed for general information only and should not be construed to be legal advice or the formation of a lawyer/client relationship. You should consult a qualified attorney for individual advice regarding your own situation.