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.
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.
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?
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.
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.
Estate planning is no longer just about wills and trusts. It continues to evolve with the newest way people live in Myrtle Beach and across the U.S. There are always new technologies and advances that require an estate plan to protect. Digital currency is something that didn't exist ten years ago but has now ballooned into a legitimate asset.
Many Myrtle Beach area residents have taken the time to think about creating an estate plan. There are many different aspects of an estate plan that can be beneficial for a family no matter what their financial situation. One estate planning tool that a family may want to look into is a revocable trust.
When a Myrtle Beach area family receives the devastating news that their loved one has Alzheimer's disease it is an emotional time. There are many uncertainties surrounding Alzheimer's including how the progression will affect their loved one, who will take care of their loved one and how their loved one's assets can be protected. Estate planning when there is an Alzheimer's diagnosis is crucial.
Although no one in the Myrtle Beach area gets married expecting the marriage to end in divorce, a certain percentage of marriages do end in divorce. After a divorce many people choose to remarry and start their life again. With a blended family, estate planning becomes even more important.
In this day and age, it is nearly impossible for a Myrtle Beach resident to not have an online presence. Digital assets have fast become an important part of an estate plan. When a person passes away, it can be difficult for the family to access these online accounts. The Florida Fiduciary Access to Digital Assets Act is legislation that residents may want to be aware of.