Estate Planning FAQs
With the end of the year right around the corner, many people are reflecting on this past year and more are deciding to take the next step toward planning their estate. While many are still on the fence, our team here at Grand Strand Law Group has come up with a few frequently asked questions that we’ve been asked about the estate planning process.
What Is Estate Planning?
In the simplest terms, it’s the process of transferring an individual’s property after death to someone else. Many times this is in the form of a will, trust, or the application of state intestacy laws.
What Is An ‘Estate’?
Essentially, it is all the property you own at the time of death. This includes all stocks, investments, property, etc.
Why Do I Need An Estate Plan?
An estate plan gives you the chance to decide who your property will belong to after you pass. It also helps protect your estate from being diminished by taxes during the transfer of ownership.
Do I Have To Have One?
No, there is no law requiring individuals to have one. Yet, it is a good idea to have one if you want a say in how your estate is distributed after you pass. It’s a good idea for individuals with children to have one in the unfortunate event of a passing, the estate plan will lay out a plan of care for the surviving children.
Can I Draft One Myself, Or Do I Need An Estate Planning Lawyer?
It depends on the type of asset you own. If your estate is fairly simple (a house and personal property) then you could do some research and draft one on your own. If you have more complex assets, then it’s best to entrust an estate planning lawyer to help you draft an estate plan that covers all your assets.
While these are just a few of the questions we get asked regularly, don’t hesitate to reach out with any more questions you may have! Our legal team here at Grand Strand Law Group is dedicated to helping you protect your assets, loved ones, and more!