Why You Should Review Your South Carolina Estate Plan Before Fall Routines Begin

In this article, you can discover…

• The best time of year to review your estate plan as a teacher.
• The most efficient ways to change your estate plans without starting over.
• How to plan ahead should something happen to you mid-school year.

When Is A Good Time To Review My Estate Plans As A Teacher?

If you’re a teacher, early fall is an ideal time to review your estate plans, before it gets too cold and before the school year gets too busy. Consider what changes you might want to make in the new year and begin planning any amendments or changes to your estate plan.

Can I Make Changes To My Estate Plan Without Starting Over From Scratch?

Yes, you can. If you have a trust, you can make amendments to that trust as long as it’s a revocable family trust. If you have a will, you can make changes to your will, as well, and this is known as a codicil.

If My Spouse And I Had A Baby Over The Summer, Do We Have To Redo Our Trusts Or Wills?

It really depends on how your trust or will is written. When I prepare a trust or will for you, I will try to make it general enough to account for added family members as they come along. However, if your will does need to be changed, you can simply make an amendment to your will to add your new child.

What Should I Think About When Considering If The Named Guardians For My Children Are Still The Right Choice?

To determine if named guardians for your children are still the right choice, consider their current marital status, their living conditions, where they live, their health (both mental and physical), and their lifestyle.

For example, if they have issues with drugs or alcohol. You’ll want to look at their overall circumstances and see how they are living to see if they are still ideal guardians for your children.

What’s The Best Way To Make Sure My Family Knows What To Do If Something Unexpected Happens This School Year?

The best course of action is to have a trust in place, as that trust will spell out what should happen if something unexpected happens to you during the school year. This will allow your wishes to be understood and carried out immediately after your death, unlike a will.

I also suggest writing a letter to your family to be opened at your death that sets forth your desires for what your family should do.

Can I Tie My Estate Plans To Educational Goals For My Children Or Grandchildren?

Yes, absolutely, and this is a very good use of a family trust. You can tailor a trust to fund your child’s or grandchild’s education, or to wait until they reach a certain age (such as 21 or 25) to receive any assets from the trust.

Still Have Questions? Ready To Get Started?

For more information on estate planning for teachers 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.