Wills & Trusts
Estate planning encompasses everything from collecting information about the assets you own to planning how you wish for those assets to pass at death. Estate planning includes, but is not limited to, the preparation of Wills, Trusts, Durable Powers of Attorney, and Health Care Powers of Attorneys. Estate planning can be simple or complex. Every situation is unique; therefore, it is important to meet with a client and discuss objectives, assets, and family situations in order to assess what documents are necessary to implement these objectives.
Trusts can be used in estate planning to name a fiduciary to act as Trustee and hold title to assets transferred into the Trust. Trusts can be revocable, which means they can be changed, or they can be irrevocable, which means they cannot be changed. There are numerous types of trusts, including but not limited to, Credit Shelter Trusts, Special Needs Trusts, Irrevocable Life Insurance Trusts, Revocable Living Trusts, Charitable Trusts, and Qualified Personal Residence Trusts. Trusts can be used to plan for incapacity and death. Trusts can be used to hold assets for children and special needs individuals.
Durable Powers of Attorney are used to name another to act in your place during your lifetime. A Durable Power of Attorney is only effective during life, and it terminates upon the death of the Principal.
Health Care Powers of Attorney/Living Wills are used to designate an individual to deal with doctors and health care professionals when you are unable to do so. These documents also set forth your desires regarding life support and tube feeding.
Last Wills and Testaments
A Will is a written document used to transfer assets at death. It must meet the statutory requirements in order to be valid in South Carolina. A Will must be filed with the Probate Court after death, even if there are no probate assets. Probate assets are the only assets conveyed by a Will, and a Will is only effective at death. A Will can be changed at any time during life as long as the individual has the necessary legal capacity. The Personal Representative is named in a Will. A Will can be simple or complex, and it can contain various forms of planning and Trusts.
Elder Law
Elder Law encompasses issues facing the elderly, such as how to pay for long term care, how to preserve assets, planning for incapacity, and ultimately planning for death. There is much overlap with general estate planning and many of the same documents are used. If no planning has been done, incapacity may force the need for a Conservatorship and/or Guardianship. Some elderly individuals may ultimately need to apply for Medicaid or other services.
Probate
Probate involves the filing of a Will after death with the Probate Court or the opening of an Estate if there is no Will. The probate process generally involves getting someone appointed as Personal Representative to administer the Estate. This normally involves handling creditor claims and managing and ultimately distributing assets to the beneficiaries in a Will or the intestate heirs if there is no Will. The Personal Representative is responsible for filing the proper documents with the Probate Court and filing the necessary tax returns.
Unfortunately, there are times when someone’s estate planning goes wrong or there has been no estate planning. In these unfortunate situations, litigation ensues. This could involve a spousal claim against an estate, a claim by a child, or a claim about the validity of a Will.
Trusts can be used in estate planning to name a fiduciary to act as Trustee and hold title to assets transferred into the Trust. Trusts can be revocable, which means they can be changed, or they can be irrevocable, which means they cannot be changed. There are numerous types of trusts, including but not limited to, Credit Shelter Trusts, Special Needs Trusts, Irrevocable Life Insurance Trusts, Revocable Living Trusts, Charitable Trusts, and Qualified Personal Residence Trusts. Trusts can be used to plan for incapacity and death. Trusts can be used to hold assets for children and special needs individuals.
Durable Powers of Attorney are used to name another to act in your place during your lifetime. A Durable Power of Attorney is only effective during life, and it terminates upon the death of the Principal.
Health Care Powers of Attorney/Living Wills are used to designate an individual to deal with doctors and health care professionals when you are unable to do so. These documents also set forth your desires regarding life support and tube feeding.
Last Wills and Testaments
A Will is a written document used to transfer assets at death. It must meet the statutory requirements in order to be valid in South Carolina. A Will must be filed with the Probate Court after death, even if there are no probate assets. Probate assets are the only assets conveyed by a Will, and a Will is only effective at death. A Will can be changed at any time during life as long as the individual has the necessary legal capacity. The Personal Representative is named in a Will. A Will can be simple or complex, and it can contain various forms of planning and Trusts.
Elder Law
Elder Law encompasses issues facing the elderly, such as how to pay for long term care, how to preserve assets, planning for incapacity, and ultimately planning for death. There is much overlap with general estate planning and many of the same documents are used. If no planning has been done, incapacity may force the need for a Conservatorship and/or Guardianship. Some elderly individuals may ultimately need to apply for Medicaid or other services.
Probate
Probate involves the filing of a Will after death with the Probate Court or the opening of an Estate if there is no Will. The probate process generally involves getting someone appointed as Personal Representative to administer the Estate. This normally involves handling creditor claims and managing and ultimately distributing assets to the beneficiaries in a Will or the intestate heirs if there is no Will. The Personal Representative is responsible for filing the proper documents with the Probate Court and filing the necessary tax returns.
Unfortunately, there are times when someone’s estate planning goes wrong or there has been no estate planning. In these unfortunate situations, litigation ensues. This could involve a spousal claim against an estate, a claim by a child, or a claim about the validity of a Will.