Estate Planning Attorney in Murrells Inlet, SC

Do you need an estate planning attorney? In short, yes. Everyone would benefit from at least a consultation with an experienced professional. Without a skilled estate planning attorney, your cherished possessions could end up in the wrong hands or even pass intestate. By planning your estate carefully, you can have the peace of mind that your assets will be distributed according to your wishes.

How Can an Estate Planning Lawyer Assist You?

An estate lawyer helps ensure that a person's last wishes, as outlined in their will, are honored. These attorneys assist you in carefully crafting the terms of your will, ensuring that no detail is left out.

People commonly overlook certain assets in their estate planning because they perceive the item holds little to no value. However, even seemingly insignificant items may carry sentimental value. Not having a plan in place for how such items are to be distributed can lead to potential disputes among heirs. Such conflicts may be avoided with professional guidance.

A Murrells Inlet, SC, estate planning attorney may also represent your estate in litigation after your death to ensure everything is carried out according to your last wishes and defend your estate in the event of a contested will.

Choosing a Trust or a Will

You'll likely have to decide whether to create a trust or a will when planning your estate. Both are helpful legal tools that can distribute your assets according to your wishes.

What is a Will?

A will is a legal document outlining how you want your assets to be distributed upon death. You can designate beneficiaries, appoint guardians for minors, and name an executor to administer your estate. South Carolina wills must meet specific requirements to be considered legally valid:

• The person creating the will (testator) must be at least 18.

• The testator must be of sound mind.

• The will must be in writing and signed by the testator.

• Two non-beneficiaries must witness the will.

Upon your passing, the will goes through probate. During the probate process, the court will determine if your will is valid and oversee your asset distribution.

What is a Trust?

A trust is a contract that outlines how the trustor's assets should be managed and distributed. It can be created during the grantor's lifetime or through their will. To have a valid trust, there must be a trustee to manage the trust, trust property, and beneficiaries. Trust documents must be signed before a registered South Carolina notary public.

Revocable Living Trust

A revocable living trust allows the settlor to control trust assets until they pass away. During their life, the settlor can change trust terms, add or remove trust property, and replace the successor trustee. The flexibility and control this type of trust offers can empower you to manage your assets precisely according to your wishes.

Irrevocable Trusts

With an irrevocable trust, the person establishing the trust cannot change it, except under very limited circumstances. The settlor will lose control over all assets once placed in this trust. Although this may seem like a disadvantage, it can be a good idea because certain tax advantages exist once the assets are in this trust. Once transferred to the irrevocable trust, assets are no longer considered part of your estate and may reduce the settlor's estate tax liability.

Whatever trust you decide on, having a trust eliminates the need for a South Carolina resident to go through probate, which can be costly and timely. 

Estate Planning for Specific Circumstances

Although a person can create their own will in South Carolina, it is a good idea to contact a South Carolina lawyer, especially when dealing with particular circumstances. Specific circumstances that warrant professional assistance include:

Special Needs Child or Adult Dependent

A carefully crafted will is essential to ensure that your special needs children or adult dependents are provided for upon your death. A well-structured estate plan will preserve their eligibility for medical and state benefits. 

Blended Families

Many families today are blended, including children from multiple marriages and past relationships. Without an adequate estate plan in place, there could be significant disputes over property entitlement when both parents pass away. Proper planning can avoid these legal battles.

Call Our Estate Planning Attorneys in Murrells Inlet

Estate planning is crucial in securing your family's future and ensuring your wishes are honored. At Bespoke Estate Law, we are committed to providing personalized, comprehensive estate planning services tailored to your unique needs. We service Murrells Inlet and all of the surrounding areas.

Don't leave your legacy to chance---contact our experienced team today. We're here to help you confidently navigate the estate planning process, ensuring your assets are protected, and your loved ones are cared for. Contact Bespoke Estate Law to schedule a consultation and take the first step toward peace of mind.