Greenville Law Firm | Tax Attorneys and Estate Planning Services in Greenville, SC
The simplest Estate Plan consists of a will. However, leaving your estate through a will requires your loved ones to go through Probate after you die, which usually takes a year or longer to complete. This only adds additional stress to the already painful reality one suffers after the death of a loved one.
In addition to the will most people add a Durable Power of Attorney, Living Will and Health Care Power of Attorney.
A better Estate Plan will include a Revocable Living (or Family) Trust or an Irrevocable Living Trust in addition to the above. If you do not know what will work best for you, call an Estate Planning Attorney in Greenville, SC at (864) 271-7940.
When you utilize a trust to pass your assets, Probate is avoided entirely. This is especially important for a small one or two owner business, for the business can continue uninterrupted without the interference of the Probate process.
Also, a trust is the only way to direct the distribution and disposition of your estate for years after your death, even allowing you to skip a generation. For instance, one can direct through the trust that a certain amount of money or any kind of property be given to a grandchild, but only when she turns 35 years of age.
An irrevocable trust can also be used to protect your assets from predators during life. Contact a South Carolina Estate Planning Attorney to discuss whether you can use an irrevocable trust to protect your assets or not.
There are many types of trusts and it is important to retain an attorney who can guide you in the right choices concerning the type of trust you need to accomplish your goals. A revocable trust fills the need of most people but some need an irrevocable trust for asset protection and other special needs.
The most common trusts are:
- Revocable Living (or Family) Trust
- Irrevocable Family Trust
- Asset Protection Trust
- Special Needs Trust (for seriously injured or handicapped persons)
- Irrevocable Life Insurance Trust
In order to determine which kind of trust will work best for you, it is advised to contact an Estate Planning Lawyer in Greenville County at (864) 271-7940.
DURABLE POWER OF ATTORNEY
This is another very important part of a good Estate Plan. It is valid only during the lifetime of the giver of the Power. It usually deals with the assets of one who cannot deal with those assets himself, but can also be used when the giver of the power can handle his own affairs. One example of this is a Special Power of Attorney given for one specific task or for a specific period of time.
We at the Greene Law Firm believe that every adult should give a durable power of attorney to someone you trust implicitly, such as your spouse, child or parent. Having a power of attorney in place can save thousands of dollars and untold headaches should you become incapacitated and not be able to handle your own affairs. It gives the one you trust the power to handle your financial and other affairs during any period when you cannot. Note again that a Power of Attorney has no effect after the giver of the Power dies.
LIVING WILL / HEALTH CARE POWER OF ATTORNEY
These are two other indispensable documents everyone should have. By executing this document you direct all medical providers how to handle your care when you cannot speak for yourself. You can direct how much or how little extraordinary care you desire in order to attempt to prolong your life.
TRUST SETTLEMENT SERVICES
When it is time to terminate or settle, the trust, the trust itself must be read and analyzed carefully to be sure all requests and disbursements from the trust are executed correctly. Also, various forms, deeds and other transfers must be executed to settle the trust properly and to ensure the Successor Trustee cannot be held liable for any breach of fiduciary duty. We recommend utilizing the services of a professional to make sure the trust is terminated smoothly and the wishes of the Trustor are carried out fully.
Frequently Asked Questions:
- Is It A Good Idea To Plan My Estate To Leave Specific Assets To Specific People Or Is It Better To Have Everything In One Trust?
- What Is South Carolina’s Elective Share And Will It Protect My Spouse Should I Die?
- How Does A Trust Work When Someone Dies?
- Why Does Everyone Who Has A Special Needs Child Need To Do Proper Planning For Their Child’s Future? What Happens If You Don’t Make Plans?
- What Is The First Step In Settling A Revocable Living Trust In SC?
- Are There Alternatives To Guardianships Or Conservatorships?
- How Much Is Setting Up An Estate Plan Going To Cost Me?
- What Are The Different Types Of Power Of Attorney?
- How Long Can A Trust Remain Open After Death?
- How Long Will It Take To Settle My Estate?
- What Are The Most Common Types Of Trusts In South Carolina?
- What Are Trusts In South Carolina?
- Why Is A Trust An Effective Method Of Estate Planning?
- How Can I Revoke My Power Of Attorney?
- How Can I Revoke My Will
- What Legal Duties Does An Executor Or An Administrator Have?
- How Long Does The Inheritance Process Take?
To discuss your case with a Greenville Estate Planning Lawyer, call The Greene Law Firm, P.A. at (864) 271-7940 for a Free Case Evaluation.