Butler Law

Myrtle Beach Estate Law Blog

Estate planning for college students

Planning and preparing for the future often happens at pivotal moments in life. That is why many establish an estate plan when they marry, have children, retire, or are diagnosed with an illness. While these are common times to draft or update an estate plan, this does not mean these endeavors should only be undertaken later in life. In fact, the estate planning process can begin just as an individual is embarking on their adult life.

While the last thing on a college student's mind is to draft an estate plan, this is actually an important time to begin one. An estate plan is not just for those who are wealth or elderly, but rather, it is a document that can outline what one's wishes are if they are suddenly unable to care for themselves or make important decisions.

Guiding you through the business formation phase

Starting a business is a major step to take. Whether it is a small family business or the beginning stages of a large corporation, specific steps are required to get a business off of the ground. In other words, business owners should take the time to understand what is necessary to plan and prepare for a new business. Additionally, it is vital to understand what concerns one should prepare for, especially when it comes to protecting one's personal affairs.

Business law matters can get complex; however, it is possible to take actin in the beginning phase of a business formation to help protect a business owner and their family in the event that something goes wrong with the business. At Butler Law, our skilled legal team understands the importance of the business formation process, which is why our attorneys take the time to explain the different business types and the exposure to liabilities they could present.

Why should you include a living will in your estate plan?

Planning for your future can be a daunting task. When you begin the process, the number of components alone might intimidate you. However, each document included in an estate plan contains crucial information that provides protection for your family’s future. One of these documents is a living will.

 

What does an executor do?

While it is known that developing a Florida estate plan is an important step to take, many decide to put this off later in life. Even when individuals and families take the time to put an estate plan in place, they may not be fully aware of the roles this plan can play, what happens after they pass or the importance of continually updating one's estate plan throughout their life. By keeping an estate plan current, this can help ensure that the administration of the estate matches the wishes of the individual.

What does an executor do? To begin, an executor's role should be understood. This is the person named in an individual's last will and testament to administer one's estate plan. In other words, they are responsible for making sure the wishes of the testator are met with regards to the disposition of their property and assets.

Helping you design an effective estate plan

Individuals in South Carolina and elsewhere spend years building a future for their loved ones; it only makes sense that they will also take steps to ensure this is protected. Developing an estate plan means that a person's wishes when it comes to transferring assets upon their death will be memorialized in writing. While creating an estate plan is a crucial step to take no matter a person's age, it is often a task that individuals will postpone as long as they can.

The attorneys at Butler Law understand the importance of establishing an estate plan, which is why we are dedicated to serving individuals in the Myrtle Beach area when it comes to protecting one's assets and ensuring that they are property distributed to beneficiaries and heirs after their passing.

Should your kids be treated equally in an estate plan?

Myrtle Beach area residents who are working through their estate plan must often decide where they should leave their assets. Many people have children and dividing the assets equally among the children is a common action for most. But, do children need to be treated equally in an estate plan?

Although most people divide their assets evenly among their children, this is not required. One school of thought is that assets should be divided equitably, where each child receives their fair share, depending on their circumstances. Equal amounts given to each child makes sense when the children are: under the age of 18; when each child has similar needs and is similarly situated in life; when the children received equal amounts of help from the parents; and when each child is mentally capable and responsible.

Planning for incapacity

Most Myrtle Beach residents do not have any interest in considering what will happen to them if they become incapacitated. However, a medical emergency could occur at any time, placing family members in the difficult position of making important decisions on behalf of the incapacitated person. An incapacity plan can help alleviate this situation.

An incapacity plan ensures that a person's own wishes are followed in the event they become incapacitated. A plan allows a person to make these decisions while they are still able and takes the pressure off family and friends who may not know what their loved one would want. An incapacity plan usually includes a living will or advanced health care directive, which specifies what medical care a person would want. It can also include a durable power of attorney, which designates a person to make financial decisions on behalf of the incapacitated person.

You may still need a will even if you have a trust

Many people believe that someone must choose a will or a trust for his or her estate plan. However, these people may not realize that it is often a good strategy to have both documents.

Including a trust in your estate plan can have many benefits. Unfortunately, you must remember to transfer ownership of each asset to the trust for this type of plan to work. Assets that are not in your trust at the time of your death will usually not avoid probate or get distributed to your beneficiaries based on the provisions of your trust. This is where a will can help.

What are the options if an executor isn't doing their job?

Many Myrtle Beach residents have had to experience a loved one's death and deal with the probate process. An executor is a person named in the will whose job is to distribute the estate as the decedent intended. It can be a difficult job, but most executors perform it well. When a person believes that the estate executor is not doing their job, they have a few options.

If an heir or beneficiary believes that the executor is not doing their job, they have a few options to pursue. One option is to bring that person to court and have them removed from the estate. This occurs when a person is able to prove that the executor has engaged in misconduct. The court will hold a hearing and allow both parties to present their arguments before it makes a decision.

New parents need to consider estate planning

When many Myrtle Beach area parents hear the words, estate planning, they may think that it is for older people. However, estate planning is for everyone, including new parents.

Every stage of life requires an estate plan. An estate plan created by someone in their 20s is different than those in their 80s but is still equally important. New parents have special estate planning steps they need to take. First, they should set up health care proxy and power of attorney documents. This can ensure that if they become incapacitated, someone will be designated to step in and make important decisions. New parents should also designate a guardian for their children.

Schedule A Free Consultation

When your business or your legacy is at stake, our choice of a law firm to represent you is an important decision. We offer a free initial consultation so that you have an opportunity to meet us and discuss your legal needs.

To schedule a free initial consultation with attorney Dan Butler, call 843-213-6343, or complete our simple contact form.

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Butler Law
4420 Oleander Drive, Suite 202
Myrtle Beach, SC 29577

Phone: 843-213-6343
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