Trusts are an important estate planning tool that can be used in conjunction with a will or, in some circumstances, in place of a will. As a result, it is helpful for estate planners to be familiar with what trusts do and can offer when developing an overall estate plan that estate planners can rely on for peace of mind.
Wills are an important foundational element to an effective overall estate plan. Because of how important wills are to an estate plan, it is useful to have a good handle on what they do, what should be included in them and how to properly execute a valid will.
There are many important aspects of the real estate process to understand and one important component includes real estate contracts. Real estate contracts are involved in many facets of a real estate transaction and their importance to process cannot be overstated.
There are a variety of estate planning documents that estate planners should consider when setting up their plan. Estate planners should make sure they understand all of the different estate planning tools so they can develop the best estate plan for them and their situation.
As the end of the year approaches, many Fort Mill residents are likely to be rushing to the stores to complete their gift shopping and make sure their loved ones are getting the gifts they have been looking forward to all year. However, one gift many people neglect to give family members is the protection of assets through the creation of a comprehensive estate plan. As the year ends, consider taking a few steps to ensure loved ones are taken care of not just this year, but for the future.
There is a common misconception that only those who are elderly or those who are very wealthy should engage in estate planning, which is why many middle-aged people think they either have time to draft their will or do not even need to create a trust. However, this could not be farther from the truth-every South Carolina resident, including millennials, should have an estate plan in place that directs loved ones on what steps to take in event of a medical emergency or an unexpected step. Having a plan in place saved loved ones from agonizing over making medical decisions that one could have made themselves if they had planned on time.
Confronting the inevitability of one's demise is not an easy task, which is why many people avoid doing it, including South Carolina residents. This is also demonstrated by the fact that over half of adults across the country do not have a will and have never spoken to their family members about their wishes for the way they want to end their life and how they want their last rites performed. The importance of estate planning and the consequences of the lack of an estate plan are demonstrated by the recent deaths of two highly public figures.
It might not come as a surprise to South Carolina residents that almost half of the people across the country do not have a will. Many people associate drafting a will and engaging in estate planning as something an elderly person will do, but consider this scenario-a couple dies in a fatal car accident and minor children are left behind without any guardian or one part of an unmarried couple dies suddenly and leaves their partner of five years without any share in an estate.
It is becoming more and more common for individuals to own a fair amount of digital assets. Examples include bitcoin and other cryptocurrencies.