Estate Planning For Young Entrepreneurs In South Carolina

In this article, you will discover:

• Why young South Carolina entrepreneurs should start estate planning now.
• The basic documents to include in your estate plan.
• How to select a conservator or guardian if you don’t have friends or family to choose from.

Why Should Young Entrepreneurs Consider Estate Planning Now?

The best time to create an estate plan is when you’re young so you can plan for the future. With that strategy, your assets will grow in a protected manner.

Even at a young age, you should have an estate plan that includes:

• A will or a trust
• A durable power of attorney, so a loved one or someone you trust can handle your business affairs if and when you are unable
• A living will or “declaration of a desire for a natural death”
• A health care power of attorney, which allows you to tell doctors specifically what you want to happen if you are incapacitated and cannot speak with them directly

Additionally, if you are starting or have your own business, you should incorporate it or convert it to an LLC.

Does Estate Planning Differ If I Run My Own Business Or Work Remotely?

Whether you run your own business or work remotely, estate planning is really no different. You will make the same kind of decisions regarding your assets as someone who is employed and working onsite.

Can I Include My Digital Assets (Like Social Media, Crypto) In An Estate Plan?

Yes, you can and should include digital assets in your estate plan. The only assets you do not want to put directly into a trust are a 401(k), IRA, or a company retirement plan.

How Should I Select A Conservator Or Guardian To Manage My Affairs If I Have No Suitable Family Or Friends?

Your conservator (financial affairs) or guardian (medical decisions) must be someone you trust to do what you instruct. For example, you could choose a neighbor you’ve known for years, a trusted religious leader from your community, or your financial planner. If your assets are significant, you might select the trust department of a bank that handles estate planning matters for a fee.

Can I Update My Plan Easily As My Assets Grow Over Time?

Yes, you can easily amend any portion of your trust or will at any time if there are any changes to your assets. Simply reach out to my law office for help updating your estate planning documents.

Still Have Questions? Ready To Get Started?

For more information on estate planning for young entrepreneurs in South Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.