Estate planning is a process that is unique for everyone. Although many in the Myrtle Beach area may not have children, that does not mean that they shouldn’t have an estate plan. There are many reasons why a person needs an estate plan, even if children are not in their lives.
One reason an estate plan is important for everyone is to plan for medical incapacitation. Of course, no one thinks they will be in a position where they are not able to make medical decisions, but a car accident or other situation can change a life in seconds. Having an advanced directive for healthcare and a durable power of attorney allows a person to designate someone to be in charge of their medical and financial affairs if they become incapacitated. Creating a trust is also a good way for a person to avoid probate at their death and to give away their assets in a way that is private. A trust allows a person to transfer assets to whom they choose without needing to go through probate and without allowing relatives that a person may not even know get involved in their estate. Also, many Myrtle Beach area residents have pets and these can be included in an estate plan to ensure they will be taken care of in case of a death.
A legal professional who specializes in estate planning can help their client create an estate plan that makes sense for their situation. An attorney understands the family dynamics that can ensue if there isn’t an estate plan in place. They can make sure their client’s assets are protected from distant relatives they may not even know and that the assets will pass to those that their client wants. An estate plan is important for everyone, regardless if they have children or not. A plan can not only help with asset distribution but can also be a way to ensure a person’s medical wishes are followed in case they become incapacitated.
An estate plan is not just for asset transfer upon a person’s death. There are many ways in which an estate plan is important, including medical care, financial plans, and taking care of children and pets in case of a death. Regardless of age, marital status or if a person has children, an estate plan is important for everyone.