If you die without a will or other estate plan documents in place, South Carolina courts may determine how your assets are transferred. In the event that you do have an estate plan, it is important to review that plan on a regular basis and update it as necessary. Let’s go over some of the common reasons why people ignore the need to put an estate plan in place.
You aren’t worried about what happens after passing on
For some, there isn’t much use in worrying about what happens to your assets after you die. However, an estate plan might include a trust that would likely take effect if you become incapacitated. The trust is overseen by a person or entity of your choosing to help ensure that bills are paid or that other needs are taken care of in a timely manner. Without a trust, a court may appoint someone to oversee your affairs who may or may not have your best interests at heart.
You can’t imagine being sick or experiencing a cognitive decline
It can be difficult to imagine that you might get sick, be injured or suffer from reduced cognitive function at some point in your life. However, it is better to have a plan for an event that may never occur as opposed to not knowing what to do when an emergency situation arises.
You don’t want to spend money on an attorney
On average, a person will spend $6,000 to pay an executor and the executor’s attorney to represent an estate during probate. However, with good planning, it is possible to remove assets from your estate and reduce or eliminate the need for probate. Proactive estate planning might also help loved ones with disabilities live a more comfortable life.
Ideally, you will begin the estate planning process the day that you become a legal adult. An attorney could help you create or update a will, trust or other estate plan documents.