Estate Planning

Intestate Succession In South Carolina

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There are a lot of misconceptions about what happens if you die without a Will. Many people think the state will take your property. While this can and does happen in rare instances, the state has a system for passing your assets to your next-of-kin. This system is called intestate succession. Every state has different rules regarding managing the estates of those who die without wills. In South Carolina, intestate succession is regulated by Title 62, Article 2 of the South Carolina Probate Code.

South Carolina Beneficiary Rights

In South Carolina, being named a beneficiary in a will or trust, or for a non-probate asset like a life insurance policy or retirement account, grants you certain legal rights. These rights are designed to ensure that the deceased’s assets are managed and distributed according to their wishes and in accordance with state law. Navigating the legal process can be complex, so understanding these fundamental rights is very important for beneficiaries.

Whether you are a beneficiary of a will going through probate or a trust, you have a right to be informed about the existence of the will or trust and your interest in it. For probate estates, the personal representative (executor) appointed by the court is generally required to notify beneficiaries of the probate proceedings. Similarly, for trusts, the trustee has a duty to keep qualified beneficiaries reasonably informed about the trust and its administration, especially once the trust becomes irrevocable (often upon the death of the settlor).

A key right of beneficiaries is the right to receive information about the assets and management of the estate or trust. In the context of probate, beneficiaries typically have the right to receive an inventory of the estate’s assets. For trusts, beneficiaries are entitled to receive relevant information about the trust property and liabilities. This transparency allows beneficiaries to understand the value of the estate or trust and how it is being handled.

Beneficiaries also have a right to an accounting of the estate or trust. This means the personal representative or trustee must provide a detailed record of all income, expenses, and distributions made from the assets. This accounting allows beneficiaries to verify that the assets are being managed prudently and that their interests are being protected. Beneficiaries generally have the right to request this accounting and to object to it if they believe there are discrepancies or mismanagement.

Receiving timely distributions is another significant right. While the timeline for distribution can vary depending on the complexity of the estate or trust and any potential disputes, beneficiaries have the right to expect distributions to be made within a reasonable timeframe after debts, taxes, and administrative expenses have been settled. Unreasonable delays in distribution can be grounds for beneficiaries to take legal action.

In situations where beneficiaries believe the will is invalid due to issues like undue influence, lack of capacity, or improper execution, they may have the right to challenge the will in probate court. This is known as a will contest. Similarly, beneficiaries of a trust may have grounds to challenge the validity of the trust or certain actions of the trustee if they believe there has been wrongdoing or a breach of fiduciary duty.

The personal representative of an estate and the trustee of a trust are fiduciaries, meaning they have a legal duty to act in the best interests of the beneficiaries. This includes managing assets prudently, avoiding conflicts of interest, and carrying out the terms of the will or trust diligently and impartially. Beneficiaries have the right to expect this high standard of conduct and can petition the court to remove a fiduciary who is failing in their duties or engaging in misconduct.

For assets that pass outside of probate through beneficiary designations, such as life insurance policies, retirement accounts, and payable-on-death bank accounts, the designated beneficiaries have a direct right to claim these assets upon the death of the owner. These assets typically transfer relatively quickly and do not go through the potentially lengthy probate process.

South Carolina law provides beneficiaries with fundamental rights to information, accounting, timely distribution, and the assurance that fiduciaries are acting in their best interests. If you are a beneficiary and have concerns about the administration of an estate or trust, or believe your rights are not being upheld, seeking legal advice from an attorney specializing in probate and estate law in South Carolina is highly recommended to understand your specific situation and options.

The Path of Assets: Understanding Intestacy Laws in South Carolina

When a resident of South Carolina dies without a valid will, the distribution of their assets is not left to chance or the discretion of surviving family members. Instead, the state’s intestacy laws, a set of predetermined rules, dictate precisely how the deceased person’s estate will be divided among their surviving relatives. This legal framework provides a clear hierarchy of inheritance, ensuring that assets are passed down in a structured manner. Understanding this hierarchy is crucial for anyone who might be affected by the death of a loved one who did not leave a will.

The primary factor in determining how assets are distributed under South Carolina intestacy laws is the deceased individual’s marital status and whether they had children. The law prioritizes the surviving spouse and direct descendants, with other relatives inheriting only if there is no surviving spouse or children.

Scenario 1: The Deceased is Married with No Children

In the instance where an individual dies intestate in South Carolina and is survived by a spouse but has no children or other lineal descendants, the law is straightforward: the surviving spouse is the sole heir and inherits the entire intestate estate. This includes all probate assets, which are those assets that do not transfer automatically upon death through mechanisms like joint tenancy with right of survivorship or beneficiary designations.

Scenario 2: The Deceased is Married with Children

If the deceased was married and had surviving children (or descendants of deceased children), the estate is divided between the surviving spouse and these lineal descendants. Under South Carolina law, the surviving spouse is entitled to one-half (1/2) of the intestate estate. The remaining half (1/2) is then divided equally among the deceased person’s children. If a child has predeceased the parent but left their own children (the grandchildren of the deceased), that child’s share is distributed among their descendants by representation. This means the grandchildren would collectively inherit the share their parent would have received had they survived.

Scenario 3: The Deceased is Unmarried with Children

When an unmarried individual dies without a will but is survived by children (or their descendants), the entire intestate estate is passed down to these children in equal shares. Similar to the previous scenario, if a child has predeceased the parent, their share will pass to their children by representation.

Scenario 4: The Deceased has No Children but has Surviving Parents or Siblings

If the deceased had no surviving children or their descendants, the line of inheritance moves up to the parental generation. If the deceased was married, the surviving spouse still receives half (1/2) of the estate. The other half (1/2) that would have gone to children is instead divided equally between the deceased’s parents. If only one parent is alive, that parent receives the entire parental share.

If the unmarried deceased had no children but is survived by one or both parents, the entire estate goes to the surviving parent or parents.

If the deceased had no surviving children and their parents are also deceased, the inheritance then passes to the deceased person’s siblings. The estate (or the half not going to the spouse if married) is divided equally among the surviving siblings. If a sibling has predeceased the individual but left children (nieces and nephews of the deceased), those children would inherit their parent’s share by representation.

Scenario 5: The Deceased has No Surviving Children, Parents, or Siblings

In situations where the deceased has no surviving spouse, children, parents, or siblings (or their descendants), the intestacy laws reach further into the family tree. In this case, the assets may be passed to the deceased person’s grandparents. If both paternal and maternal grandparents are alive, the estate is typically divided between the two sides. If only grandparents on one side are alive, they would inherit.

If there are no surviving grandparents, the inheritance extends to the issue of the grandparents, which includes aunts and uncles (the children of the grandparents) and, if they are deceased, their children (the cousins of the deceased). The distribution at this level can become more complex and is also handled by representation.

Should there be no surviving grandparents or their issue, the intestacy laws may then look to great-grandparents and, subsequently, the children of great-grandparents.

The Concept of Escheat

It is rare, but in the unlikely event that a deceased individual dies intestate in South Carolina and has absolutely no surviving relatives, as defined by the state’s intestacy laws up to the specified degrees of kinship, the estate will “escheat” to the state. This means the assets will become the property of the South Carolina government.

Important Considerations

It is vital to remember that South Carolina’s intestacy laws only apply to probate assets. Many assets pass outside of the probate process through beneficiary designations (like life insurance policies, retirement accounts), joint ownership with right of survivorship (like jointly held bank accounts or real estate), or assets held in a trust. These non-probate assets will be distributed according to the terms of their specific agreements or designations, regardless of whether or not the deceased had a will.

Furthermore, South Carolina law includes a 120-hour survivorship rule, meaning that an heir must survive the deceased by at least 120 hours (five days) to inherit under intestacy. This rule prevents assets from passing through multiple estates in quick succession in the event of a tragedy.

While the intestacy laws provide a default plan for asset distribution, they may not align with an individual’s specific wishes. The only way to ensure that your assets are distributed according to your preferences and to potentially avoid the probate process for many assets is to create a valid South Carolina will and utilize other estate planning tools as appropriate. Consulting with an estate planning attorney in South Carolina is highly recommended to ensure your assets are distributed according to your intentions.

Named Beneficiaries

It’s important to keep in mind that any assets with named beneficiaries or co-owners are not subject to intestate succession as they go to the beneficiary or co-owner. Life insurance policies are one example of an asset that typically has a named beneficiary. Frequently real estate is owned jointly with rights of survivorship, meaning if one of the owners dies, the other owners receive their share of the property.

Additionally, heirs must survive the decedent by 120 hours and children of the decedent must be born within 10 months of the decedent’s death and survive for 120 hours. The 120-hour requirement is waived if it means there is no surviving heir. In the rare cases where no surviving heir can be found, the state will receive any assets owned by the deceased, a process known as “escheating”. It is important to realize, however, that the state escheating assets only comes after all attempts at locating and benefiting the aforementioned family members have failed.

Do You Need Estate Planning Advice in South Carolina?

As you can see it is best to avoid allowing your assets to fall into intestate succession. It is important to plan and be prepared. With a will, you will be able to manage your assets after your death to ensure they are distributed the way you want them to be. Please contact our South Carolina legal team at the De Bruin Law Firm today and we will help you draft a will and plan for the future.

Living Trusts

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An increasingly popular way of handling probate issues is to create a living trust. A living trust helps bypass probate proceedings in court and can also help mitigate tax liability. There are two types of living trusts: revocable and irrevocable. A revocable trust can be changed whenever you wish. The irrevocable trust can be beneficial for tax reasons in some instances where the decedent has a lot of assets, but cannot be changed.

Essentially, a living trust places your property in a trust of which you are the trustee. Because you are the trustee, you can still manage the property as you would as the owner. You can also name an alternative or successor trustee to take over the trust once you are deceased, so after you pass away probate is unnecessary because the successor trustee already owns the property. It is different from a will which names an executor who oversees the distribution of your assets after death.

Cons Of A Living Trust

There are two major downsides to a living trust, which may make it a less desirable option for those with less assets. A living trust is more expensive to create and manage than a will. It is more complex and will require more time and effort to build. In addition, a trust must be funded. That means all assets that you want distributed through the trust you must add to the trust. This often involves significant extra paperwork as you must show you own property as the trustee of your trust rather than just as an individual. Sometimes it can be difficult getting insurance on items in the trust because they are owned by a trust rather than an individual. Trusts are sometimes taxed differently than estates; for example, an individual can use a year other than a calendar year for tax deadlines, while trusts cannot. Conflicts in trust situations can also be more complicated and expensive to handle than similar disputes in an estate. Also, wills are generally automatically amended on divorce while trusts are not.

Benefits To A Living Trust

On the other side, there are many benefits to setting up a trust as well. The biggest advantage is avoiding lengthy probate proceedings. If you become disabled, a trust is a good way around guardianship as well. Your appointed trustee can immediately take over any duties you assign them. One of the greatest advantages to a trust is protection of privacy. A will can become a matter of public record and you may not want heirs seeing what was left to other heirs. Trusts are also easier to amend than wills. Trusts allow greater control of assets, particularly assets out of state where beneficiaries may be subject to length probate proceedings.

We Can Help You Set Up A Trust

There are some advantages of choosing to manage your assets through a living trust rather than a will. However, a living trust does not eliminate the need for a will as not all assets will be included in the trust. If you would like assistance with setting up a living trust or a drafting a will in South Carolina, contact our legal team at De Bruin Law Firm and we will be happy to help.

Introduction To Estate Planning

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Failing to plan is planning to fail. While death is an unpleasant subject, it is important to have a plan for your assets after you pass away. Many people wonder if they really need a will and what will happen if they die without one. If you die without a will, your estate will be managed through a process called intestate succession. A will allows you to dictate how your assets will be distributed after your death. Other important estate planning documents include:

Living Will

Also known as a medical directive or directive to physicians, this document will let you direct your end-of-life care. With this document you decide what should happen if you suffer from a terminal condition and are expected to die. You may choose to request any available life-sustaining treatment or to discontinue treatment and die as gently as possible. It is important to make treatment decisions consistent with your personal values.

Medical Power Of Attorney

This document allows you to appoint someone to make healthcare decisions for you if you are unable. The person representing you is your “agent” and you would be the “principal.” Your agent must be over 18 and should be someone you know and trust. Your agent has authority to make healthcare decisions for you when your doctor certifies you are no longer capable of making decisions. Your agent has an obligation to follow your instructions and act in accordance with your values.

Financial Power Of Attorney

Also called durable power of attorney, this document allows you to appoint someone to make financial decisions for you if you are unable. Power of attorney can be general or specific. A general power of attorney allows the agent to generally act as the principal. Specific power of attorney confines the agent’s authority to specific subjects (For example “tax matters” or “insurance and annuity transactions”).

HIPAA Release Form

HIPAA is a law which regulates doctor-patient confidentiality. This release form allows you to name individuals who can see your medical information. It is essential for those named in the medical power of attorney to have access to your information.

A Living Trust

A living trust is a document which allows you to transfer your assets into a trust which can be managed outside of probate court. A living trust is a lot like a will, except it bypasses the costs associated with probate by appointing a trustee to manage your assets upon your death.

How An Estate Planning Attorney Can Help

Many people think of estate planning as only being about what happens after the individual is deceased, but, as you can see, many of these documents direct decisions while you are still alive. It is important to appoint someone to manage your assets and make healthcare decisions for you in case you become incapacitated. While many of these documents are straight-forward and easy to understand, it is important to have an attorney ensure all the documents are complete and in compliance with state law. If you would like assistance drafting a will or have any questions about planning for end-of-life, contact our team at the De Bruin Law Firm and we will be happy to help.

Social Media And Estate Planning

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When it comes to preparing for the end of your life, there are many important questions. It is a time to decide who will manage everything you have spent your whole life working for. What will happen with your finances? Who will take care of your children and pets? One thing that often gets overlooked, but has become increasingly important in the digital age, is what will happen to everything on your computer? Blogs, social network accounts, domain names, and other online accounts typically do not pass through traditional probate as they are not “property.” Generally, the website owns the account and it is only yours through license.

Every website handles death differently. Facebook is generally considered the gold standard of social media websites. Facebook allows you to appoint a friend or family member to take control of your account after your death and set your page up as a memorial page. A memorial page can have a “sticky” memorial post, respond to new friend requests, and update profile picture and cover photo. You also have the option of allowing a friend or family member access to a downloadable archive of all photos, posts and profile information you have shared over the years. The memorial page does not appear in advertising and will not trigger a birthday reminder.

Who Owns An Online Social Media Account?

The big question when it comes to inheritance of digital possessions is who was the original owner. With a physical asset like a house or car, it is very clear who the owner is. With digital assets, the line is not so defined. Documents, photos, videos saved to a hard drive belong to the owner of the hard drive, but many social media sites take ownership of content that is uploaded to their servers. It costs them money (albeit a negligible amount) to host the content, and the content is physically located on a server they own. Many major tech companies, notably Apple and Amazon, use a single-user license. This means services can only be used by the purchaser; you cannot pass down your Amazon Prime account to future generations.

Because many websites and digital services do not allow access by a third party, people will often bypass the system by simply logging in with the deceased passwords. While this technically violates the terms and conditions of the service provider’s contract, it is sometimes the only way to access information that would otherwise be lost. Additionally, many websites automatically delete accounts that have not been used in a set period of time, usually 90 days or a year.

Almost all American adults have at least one digital account and many have fifteen or more. That may seem like a high number, but once you add in email accounts, Dropbox accounts, separate accounts for business or spam, etc. it is easy to see how quickly they add up. It is important to make sure your digital assets are handled according to your wishes.

Contact An Estate Planning Attorney

If you have a social media account that you want to make sure is handled properly in the event of your death, contact the estate planning attorneys at De Bruin Law Firm today for a free consultation.

Life Insurance Trust

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A trust is an account for beneficiaries controlled by a trustee. Trusts are popular estate planning tools as they offer many advantages over traditional probate. The regular probate process can take months or even years. A petition must be filed with the court, notice must be given to beneficiaries, inventory must be taken, and debts must paid before property is finally transferred over the beneficiaries of the will. With a trust, all assets are placed in an account which the creator of the trust (the grantor) controls until their death, whereupon control of the trust is relinquished to the trustee. The trustee then has an obligation to use the assets for the benefit of the beneficiaries. There are many types of trusts used for different purposes- to avoid taxes, to hold money until an heir is older, to benefit charities, etc.. Here’s a look at a Life Insurance Trust.

What Is A Life Insurance Trust?

A life insurance trust is set up to be the beneficiary of a life insurance policy. The trust essentially acts as a person purchasing policies on the grantor of the trust. So, when the insured dies, instead of the life insurance money going directly to the beneficiary it goes to the trust. This seems like an indirect, roundabout way of doing things but it offers a major benefit- it can remove the policy from the taxable estate.

There are a few caveats in regard to making sure the policy goes untaxed. First, the trust must be irrevocable. This means it cannot be reversed. Once you have set up a life insurance trust, the policy goes into the trust. Once the policy belongs to the trust it is no longer in your control. For this reason, you cannot name yourself as trustee. Most commonly, a spouse or adult child is listed as trustee, additionally, there are trust companies and banks that are willing to work as trustee for a fee. Either way, the grantor (the person setting up the trust) is not allowed to have any control or perform any “incidents of ownership” over the insurance policy after the trust is established.

However, a life insurance trust grants additional control over how money is distributed. With a typical life insurance policy, the beneficiaries receive a pay-out upon the death of the insured. With a trust, the grantor can set conditions on how the money is distributed. The trust also protects the funds from creditors. Because the trust is not subject to probate, your beneficiaries will have the money available immediately and can use it for your after-death expenses.

The Importance Of Reaching Out To A Trust Attorney

Because a life insurance trust is irrevocable, it’s important to set it up properly the first time. If you believe a life insurance trust is a good way to help manage the proceeds of your life insurance after your death, you will need professional assistance. You and your family may benefit greatly by avoiding the estate taxes associated with a traditional life insurance payout. Contact the attorneys at De Bruin Law Firm for an expert consultation. We have the knowledge and experience you need to set up a trust that will meet your wishes and goals.

Estate Planning: What Does A Lawyer Do?

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Much of the estate planning process is easy enough for a layman to understand. Many people choose to draft their own wills and other estate planning documents. There is an abundance of low-cost options that help people write wills without the supervision of an attorney. Unfortunately, many of these options are inferior to having a professional create your estate plan with you. A poorly written will can have disastrous consequences. A lawyer can make sure your will meets the standards of the probate court and reflects your wishes.

Understanding Your Options

This is not to say you should not educate yourself. The more you learn about estate planning, the more options you will see are available. Also, it will be cheaper and faster to draft estate planning documents if you already have a good idea of what you want and need. However, estate planning can be complicated. A good attorney will understand your options and be able to explain them to you. For a larger or more complex estate, there are trusts that can be difficult to set up but save money in estate taxes. You’ll want an attorney to assure everything is setup correctly.

Knowing State Laws

Laws differ from state to state. Websites often provide forms that do not take into account the nuances of difference of laws between states. State laws are different regarding what needs to be included in a will. Internet forms can be a helpful guide, but they are usually overly general for your needs. If you are not familiar with the estate planning laws of your state, you may miss something that might come back later. An attorney who works in estate planning likely handles hundreds of wills and can quickly identify what clauses and phrases are needed and which are superfluous. An attorney will also have an understanding of the probate laws in your state and you can be confident that the finished product will be the necessary standards.

Getting A Notary

A will and related documents generally requires notarization. Most attorneys have a notary in their office and will be able to take of that for you right then and there. Otherwise, notaries can be difficult to find. It is unlikely an attorney would be willing to notarize a document they had no part in preparing.

Some common things you may want to ask yourself before attempting your own estate plan:

  • Do I have minor children that I want to appoint a caretaker for?
  • Do I want to prevent an ex-spouse or irresponsible child from inheriting my assets?
  • Do I own a business that I would like to hand down?

These issues frequently bring extra complication. The De Bruin Law Firm can help develop your estate plan. De Bruin has years of experience helping clients plan the distribution of their assets and their end-of-life healthcare. Make sure that the assets you have spent your life working for are distributed according to your wishes. Contact us today.

Myths About Estate Planning

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Most people understand that it is important to have a Will and a plan for end-of-life healthcare. However, many people, especially younger people, have not actually accomplished any estate planning. There are many reasons why people put off estate planning. Here are some of the more common myths about estate planning and the excuses for procrastination and how to overcome them:

I do not have any assets:

Having an estate plan can help you avoid a lot of the expenses associated with the probate process. Even if you don’t have much wealth to distribute, a good estate plan will make sure those assets go to your heirs and not the court. Also, there are many aspects of estate planning that have little to do with disturbing your wealth. You may want to have a Directive to Physicians or Medical Power of Attorney so others can care for you if you are incapacitated.

I am too young:

Hopefully, you will live a long healthy life, but unfortunately that is not always how things work out. It is important to realize that you will pass away eventually and you don’t know when that could be. It is better to be prepared than to be unprepared.

I’m confused:

With all the options available, beginning the estate planning process can be intimidating. If you work with an attorney, they will be able to help you understand what you need to know and make the process as simple as possible.

It is expensive:

Attorneys’ rates vary, and even the same attorney might charge a different fee for similar work. However, having a plan is almost always cheaper than not having one. Probate can be expensive. A good lawyer might cost up-front but will save you money in the long run.

I do not have enough time:

While it may take a few unpleasant hours in an attorney’s office to get it done, estate planning ultimately saves time. If you pass away without a will, the probate process for those left behind will be much more complicated and difficult. Probate often takes months or even years. A little planning now will save a lot of time for your heirs.

I do not want to think about it: 

This is a tough one. Planning for the end-of-life does involve a lot of difficult and deeply personal decisions. You will have to decide what will happen to everything you have spent your life working for. You will need to choose an executor and appoint someone to have power of attorney. You will need to consider whether you want every effort made to keep you alive or if you would rather pass away than be in a vegetative state. Nobody wants to think about their death, but it is something that is going to happen. Again, it is better to be prepared than unprepared.

Estate planning can be complicated. Take the first step towards putting your affairs in order by calling the attorneys at the De Bruin Law Firm. Our attorneys have the knowledge and understanding you need to help make estate planning as painless as possible.

Debts Of An Estate

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Creditors will often attempt to collect on the debts of an estate from the deceased. Sometimes they do have a right to collect and other times they do not. Creditors can be aggressive while trying to collect debt and may pressure you into paying off a debt that you do not necessarily owe. Understanding the law is important so that you can avoid being bullied into paying off debt you do not owe.

When Do I Have To Pay My Loved One’s Debt?

In general, the rule of thumb is that you cannot be held personally responsible for the deceased’s debt. You may be responsible if it is a joint account, or if is your spouse’s debt in a community property state. South Carolina is not a community property state. Further, a creditor may attempt to collect from the estate of the deceased. The creditor has a right to assets before they are passed on to heirs, however, there are some assets that are exempt.  Also, if the assets in the estate do not cover the amount owed, the creditor is out of luck. A creditor cannot collect money beyond what the estate has.

The creditor should talk to the executor regarding any debt owed. If you are the executor, you may want an attorney’s assistance in determining the best way to pay off debt. Otherwise, if you are being contacted by creditors, you have no obligation to respond to them and should refer them to the executor. If you are not an immediate family member or representative of the estate, then the debt collector is forbidden from discussing the debt with you and may be in violation of the law.

Reporting The Death

If you have been appointed as executor, then it is your duty to notify any creditors of the death. It is also important to prevent identity theft by notifying the credit reporting agencies of the death and requesting a credit report. The Social Security Administration is supposed to notify all credit reporting agencies, but it is a good idea to take the responsibility of making sure it has been done. Identity thieves target the accounts of the deceased and notifying credit reporting agencies will help prevent identity theft.

No Personal Liability For Debts

You are not obligated to pay the debts of the deceased from your own assets, generally. If the estate has insufficient funds to cover a debt, the creditors simply do not get the money. Creditors frequently violate the law in their overly aggressive attempts to collect debt. If you are not the executor, they have no right to call you for any reason other than to get the contact information of the executor. If you are being harassed by a debt collector, the best course of action is to send them a letter via certified mail asking them to stop contacting you.

Contact An Attorney

After the death of loved one is a difficult time to handle complicated finances. Harassment from creditors is unwelcome and may even violate the law. If you are the executor of an estate and have been overwhelmed by aggressive creditors, the lawyers of the De Bruin Law Firm can help. You need an estate planning attorney who knows which debts you are and are not obligated to pay.

The Estate Planning Toolbox

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The first document that comes to mind for most people when it comes to Estate Planning is the Will. However, there are many other documents and tools that can be used to make sure your estate is handled according to your wishes after you pass away.

WILLS

This is the centerpiece of your Estate Plan. The Will dictates how your assess will be distributed after your death. In your Will, you will name beneficiaries (usually family members) who will receive your assets once you die. You will also name an executor who will be in charge of making sure the assets are distributed in accordance with the Will. You may also name a guardian to look over any children you may have.

Durable Power Of Attorney

Unlike a will, this document is only used while you are still alive. Power of attorney allows a representative you appoint to make decisions on your behalf should you become incapacitated. Generally, two separate power of attorney documents are drafted; one appointing an agent over all financial decisions and one appointing an agent over medical decisions. You are free to choose the same person for both functions. It is important to have someone able to make healthcare decisions for you. If you become incapacitated, you will want someone who has knowledge of your end-of-life wishes to have power of attorney over the decisions that will need to be made.

Living Will

Like a medical power of attorney, this document also outlines your end-of-life wishes. This document is also commonly called a directive to physicians. This document lines out what to do in certain medical situations – Do you always want palliative care? Do you want every measure taken to keep you alive, or would you rather not continue living if you are in a vegetative state? These are difficult and deeply personal questions. Make sure you get to answer them for yourself.

Trusts

There are many types of trusts. Trusts are generally used to avoid estate taxes, but are also quite useful for controlling assets as well. Assets are placed in a trust and then no longer belong to an individual but to the trust itself. The trustee or trustees (usually yourself and your spouse) manages the assets in the trust. In the case of most estate planning trusts, the trust is managed for the benefit of beneficiaries. One common reason trusts are used is to keep money from children until they are older and more responsible. Assets in a trust do not need to go through the probate process as they technically belong to the trust and not the deceased individual.

As you can see, there are many aspects to estate planning that go beyond a simple will. Distributing your assets is only one of the many things that need to be sorted out before you die. Planning for end-of-life can be challenging and confusing. If you need help with drafting a will, creating a trust, or establishing power of attorney, contact the offices of the De Bruin Law Firm today.

The De Bruin Law firm offers a wide range of legal services to clients in Greenville, SC and the surrounding upstate. Our experienced attorneys can help you with legal matters in the areas of business law, criminal law, estate planning, and real estate law.

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