In this article, you can discover…
- How wills and trusts differ, and how they benefit your family
- The legal protections your adult child should have in place in South Carolina
- How an attorney can help you compose and amend a trust, and protect your family
Should I Have A Will Or A Trust Or Should I Have Both Included In My Estate Planning?
When planning your estate, the best route to go is to have both a will and a trust. The trust ensures that assets are distributed and safeguarded appropriately during life, and a “pour-over will” helps to automatically transfer the remaining assets to the trust afterward, according to your wishes.
This system keeps things more air-tight, allows for adjustments over time, and provides the best protection for your loved ones. Additionally, this combination helps surviving children skip the probate process (the often long process of validating a will after someone has died), and allows them to benefit from funds immediately.
A durable power of attorney is also necessary, as this allows a trusted person to take over legally should you suffer an illness or injury that incapacitates you. This person would be able to sign documents and help your minor children in your stead, so make sure that you have a detailed conversation with this person about their role and your wishes.
Can My Minor Children Inherit Property?
While minor children can inherit property, they won’t have personal control over it until they reach 18. If this happens within the context of a trust, a trustee you’ve appointed will handle the property according to your wishes, until your child reaches legal adult age.
If you have passed this property on to your children via a will, a conservator must be appointed by the court to watch over your child’s inheritance until they reach adulthood. This process helps protect your child, your property, and your child’s future all at once.
Should Planning Documents Be Amended As Minor Children Age Into Young Adulthood?
As your children grow from childhood to young adulthood, it may be necessary to amend documents such as trusts and wills. For example, you may have two teenage children, one of whom is responsible and careful with money and a second one who is not responsible or emotionally mature. You may wish to amend documents so that the less responsible child has to wait until age 20, 25, or even 30 to receive their inheritance.
How often should you consider reviewing or amending these documents? We recommend doing these updates every three years to account for changes in children’s personalities, maturity levels, and circumstances. Sitting down with an estate attorney to adjust a trust or a will as needed helps protect your children, adapts to their unique needs, and helps ensure that your assets are distributed wisely.
What Documents Should Our Young Adult Child Have In Place?
If your child is over the age of 18, we suggest that they have a living will in place, as well as medical power of attorney. Both are extremely valuable should your young adult child wind up in a medical emergency. These documents would inform hospital staff on which life-extending measures your child grants them permission to use and would give your child a voice if unable to speak for themselves.
A durable power of attorney should also be designated so that expenses and assets can be handled according to your child’s wishes until they recover. Furthermore, if your young adult child is working, has a 401k, and is investing or saving for their future, a will or a trust of their own should be put in place to help protect their assets and intentions, as well.
David Greene is an attorney based in South Carolina who has helped hundreds of families just like yours navigate the complexities of estate law, and plan for the future. With over 46 years of experience, he’s prepared to help you map the best estate plan possible for your family, letting you look ahead with peace and clarity.
Still have questions? Ready to work together? Contact The Greene Law Firm today to schedule an initial consultation.
How Can I Provide For Yet Protect My Adult Child Who Has A Gambling, Substance, Or Other Problem?
Many parents find themselves in a situation where they would like to leave assets for their children, but their children struggle with a gambling or substance abuse problem. How can you provide for them responsibly in this case? The best option for parents in this scenario is to sit down with a knowledgeable estate attorney and use a trust to safeguard and distribute the inheritance.
This trust can be detailed, and include stipulations such as inheritance being released only after a certain age (such as 25, 30, or 35), or released provided that a child is not suffering from a drug, alcohol, or gambling problem. Your preference on this matter can also be carried out after your death by a successor trustee who can observe how your child is doing, and make judgment calls based on your wishes. Alternatively, inheritance can be stipulated to be released only to help fund treatment until your child is sober and well.
What Estate Plans Should I Make As A Newlywed?
If you’re just beginning life together as a couple, estate planning is likely the last thing on your mind. But it can be helpful, and spare both of you troubles and conflicts ahead. For example, if one spouse brings with them considerable wealth or assets, a postnuptial agreement can help clarify how this wealth would be divided should the marriage unfortunately end. Additionally, such agreements can help lessen future debates about finances and assets, allowing both of you to enter into the marriage with more trust and certainty.
Both you and your spouse should have a durable power of attorney in case of serious illness or injury, in addition to a living will. Finally, you and your spouse should each have a will in place to determine who receives your individual or shared assets after death – and we strongly recommend that most couples consider creating a trust, as well. A little bit of planning and time well spent can save both of you anxiety down the road, and pave the way for a better marriage, too.
What Does “Notice Of Probate Of A Will” Mean?
A “Notice Probate Of A Will” means that after a person has passed away, their will has been taken to a probate court, and a probate case has been opened. This is the legal process through which a will is read, understood, and carried out.
The notice of probate is then sent to people or companies to whom the deceased was still in debt through a newspaper notice, and copies of this notice are sent to heirs as well. This gives both creditors and family the chance to be a part of this process and claim what they are legally entitled to.
What Happens If I Create A Trust With Contingencies That My Beneficiary Fails To Meet?
Many trusts have stipulations built in, wherein a grown child must meet certain requirements to receive an inheritance. For example, the trust drawn up for your child may require that they finish college or stay sober in order to have funds released to them. While this is ideal, it’s important to plan ahead for these contingencies not being met.
The best protection in this case is to sit down with a diligent estate lawyer and make sure that alternative plans are in place within the context of the trust itself. This could involve money being withheld until a degree is completed or a treatment program has been successful. This helps ensure that your wealth is passed on to a young person ready to use these assets wisely and legally, once they’re healthy.
All of this can be accomplished with a knowledgeable lawyer, and the sooner you sit down to plan for the future, the better. Remember, once you’ve passed on, there’s no amending your will. Meet with a seasoned estate attorney today, and set your loved ones up for success.
For more information on Estate Planning In South Carolina, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.
David Greene is an attorney based in South Carolina who has helped hundreds of families just like yours navigate the complexities of estate law, and plan for the future. With over 46 years of experience, he’s prepared to help you map the best estate plan possible for your family, letting you look ahead with peace and clarity.
Still have questions? Ready to work together? Contact The Greene Law Firm today to schedule an initial consultation.