Mullins Estate Planning Attorneys
Creating Estate Plans for Clients in Horry, Marion, Dillon, and Florence Counties
Failing to plan your estate properly can lead to various difficulties and complications for your surviving loved ones after you die. Estate planning involves setting up how your property and assets will be distributed when you pass away. With a solid estate plan, you can make certain that your assets are passed on to your intended recipients and lessen the burden on your loved ones.
It’s never too early to have a plan in place, especially if it means securing the financial security of your loved ones. Let the experienced Mullins, South Carolina estate planning attorneys of Whittington Tiller Law Firm LLC, help you with all your estate planning needs.
What Exactly is Estate Planning?
Estate planning ensures that your financial affairs are in order and makes things easier and less stressful for your loved ones upon your death. It doesn’t need to be complicated, sad, or difficult. An effective estate plan should provide specific instructions on how you want your property to be handled and distributed upon your death. While most people mistakenly think that estate planning is only for the elderly or the wealthy, virtually everyone can benefit from having an estate plan.
What’s Included in an Estate Plan?
While estate planning usually includes willsand trusts, it can likewise address various issues, which normally include the following:
Who you want to care for your kids when you die or become incapacitated
How you want to receive medical treatment if you become incapacitated or incapable of speaking for yourself
Who you want to make financial and legal decisions about your affairs if you become incapacitated
Who you want to take control of your business affairs
Business succession planning if applicable.
Whether you want to be an organ donor
Your preferred burial and funeral arrangements, which can include information on prepaid funeral services or a burial plot
Other Crucial Things to Consider When Creating an Estate Plan
A clear and comprehensive estate plan can also minimize your surviving family’s tax obligations and avoid probate. If the court deems your estate planning measures invalid, such as your will, your assets will be distributed based on the state’s intestacy laws instead of according to your specific wishes.
One of the often-overlooked issue of an estate plan is business succession planning. If you own a closely held business, an integral part of your business process should be business succession planning. Many family and other closely held business fail soon after the owner-operator dies, don’t let this happen to the business you have worked so hard to build.
It is also vital to point out that as your circumstances change over time, you should also modify your estate plan to suit your exact needs. For example, you should modify it if you get married, divorced, or have another child. Otherwise, your estate plan may be deemed invalid.
Seek Legal Guidance From Our Skilled Mullins, South Carolina Estate Planning Attorneys Now
For an estate plan to be valid and successful, it must adhere to all state laws. Even one seemingly minor mistake or missed deadline for a simple requirement can cause one of your beneficiaries to be left out of your will. When you work with the seasoned Mullins, South Carolina estate planning attorneys, you can rest easy knowing that all your wishes will be carried out precisely as you have intended.
To set up your appointment with one of our Mullins, South Carolina estate planning attorneys, call the Whittington Tiller Law Firm LLC at 843-464-7821 or complete our online form.