The Ultimate South Carolina Estate Planning Checklist
Estate planning can feel overwhelming even in the early stages. Sometimes, it’s best to get ahead of the stress with a little organization—especially when it comes to law-related issues. A well-structured estate planning checklist helps you organize your affairs and ensures your wishes are clear, legally valid, and tailored to your family.
Statistics show that more than half of Americans do not have any estate planning documents and less than one-third have a will in place before the age of 60. Without proper planning, your assets could be subject to lengthy probate, and loved ones may face legal challenges when making financial or medical decisions.
Why Estate Planning Matters in South Carolina
South Carolina law controls asset distribution when someone dies without a will. Proper estate planning allows you to decide who receives your property, appoint guardians for minor children, and name trusted individuals to manage your affairs if you become incapacitated. Proactive planning can save your family time, money, and stress.
Estate Planning Checklist for South Carolina Residents
Not sure where to get started? That’s why we’ve curated a comprehensive (but fairly base-level) estate planning checklist to get you started on your journey! Please keep in mind that your personal situation may require additional documents. Consulting an experienced attorney ensures your plan is valid under South Carolina law and meets your goals.
1. Last Will and Testament
Your will specifies how your assets are distributed, names guardians for children, and appoints a personal representative to handle your estate. Without a will, state law will determine asset distribution, which may not reflect your wishes.
This document should be updated semi-regularly to ensure that all of your assets are taken care of as you see fit. This includes adding a new grandchild or removing an old spouse.
2. Trusts
Trusts can help your estate avoid probate. They can also provide ongoing management of assets and protect beneficiaries. A revocable living trust is a common option. It allows you to retain control during your lifetime and streamline the transfer of assets after your death.
3. Durable Power of Attorney
A Durable Power of Attorney lets someone you trust manage your financial and legal affairs. This allows someone you authorize to assist you with or handle for you on your behalf any spending, credit card payments, asset payments, and other decisions regarding your money.
Without this document, your family may need a court-appointed conservator to make financial decisions on your behalf.
4. Health Care Power of Attorney
This document appoints a trusted individual to make medical decisions if you are incapacitated. This includes everything from medications and surgery sign-offs to end-of-life care. It ensures your healthcare wishes are respected during times of need.
Without this document, your family may need a court-appointed guardian to make medical decisions on your behalf.
5. Living Will
A Living Will outlines your preferences for end-of-life medical treatment, including decisions about tube feeding. It provides guidance to your loved ones so they do not have to guess your intentions.
This is another document that may need to be updated regularly if your views change.
6. Review Beneficiaries and Digital Assets
Many assets, such as retirement accounts and life insurance, pass outside of a will. Keep beneficiary designations up to date. Please consider including digital assets, such as online accounts and digital property, in your planning.
Take the Next Step with Grand Strand Law Group
A clear estate planning checklist gives peace of mind. Taking action now protects your family and ensures your wishes are followed. If you are ready to create or update your estate plan in Myrtle Beach, contact Grand Strand Law Group.
We are here to guide you through every step of the process, making planning your future in Myrtle Beach smooth and easy. Give us a call at 843.492.5422. Learn about how we can help with estate planning now or in the future.