Estate Planning/Wills and Trusts
Preparing Your Will and Estate Plan
You've worked hard to build your assets; now you can take a moment to make your wishes known and put into place estate planning structures such as wills and trusts that will make it easier to implement those wishes.
At Mack & Mack, our firm has been helping Fort Mill area clients develop estate plans for almost 50 years. When you are ready to go over your estate plan with an experienced elder law attorney, contact us.
Putting Together the Pieces of an Estate Plan
Every comprehensive estate plan should include at least a simple will. Your will distributes all of the assets remaining in your name at the time of your death. It also names your personal representative and guardians if you have minor children.
In addition to a will, many clients benefit from creating trusts. A trust places specific assets under the control of a trustee who must use them in accordance with your wishes in the interests of named beneficiaries. Among the types of trusts are the following:
- A revocable trust (also known as a living trust) allows you to control which assets are held in the trust during your life. When you die, the trust will not go through probate, likely cutting the amount of time and money involved in administration of the estate, as well as public scrutiny.
- An irrevocable trust is less flexible than a living trust. Once you place assets in the trust, you cannot remove them. This type of trust may, depending on your individual circumstances, have tax benefits.
- A special needs trust is part of a plan to provide for the needs of a person with a disability or other special needs.
- An educational trust is part of a plan to ensure that certain assets are used for a person's education.
We have extensive experience helping clients design their estate plans and drafting the relevant documents. When you need an estate planning lawyer, don't hesitate to contact us.
