3 Reasons Why You Need An Estate Plan
While there are many uncertainties in life, death isn’t one of them. If a person passes away without a will or trust, the court will consider the person to have passed away intestate. His or her assets will be distributed according to the laws of the state in which he or she passed. Our team, at Grand Strand Law Group in Myrtle Beach, is here to help you plan for the future and ensure that your loved ones are provided for according to your wishes. That’s why we’ve come up with three reasons you need an estate plan.
Plan For Yourself & Family
If something were to happen to you or a loved one, an estate plan will ensure that your wishes are dealt with in the manner you have in your plan. It also protects you and your assets if you were to become incapacitated and couldn’t make decisions for yourself. In that case, it’s essential to assign someone as your power of attorney, or someone who can make medical and financial decisions on your behalf – we can help with that too.
Protect Family Wealth
If you don’t have an estate plan and you were to pass, the state in which you live would then decide how your wealth and assets will be distributed. Having an estate plan will help family members save time and frustration, and your assets will be dispersed as you wished.
If your family has a substantial amount of wealth and assets, having an estate plan is the most tax-efficient way to pass your family’s wealth down. While there are taxes you should be aware of, having a detailed estate plan will help minimize them.
Overall, it’s important to think about and plan for your future. Whether you are bringing us an existing will to update or just starting to build an estate plan, we will take the time to explain, draft and double-check every technical component of your will to make sure it complies with current South Carolina law. We’re also here to answer any questions you may have!