Goose Creek Estate Planning Lawyer

Every estate plan starts with deciding whether a will or a living trust is the right choice. A will outlines how your property should be distributed and can name guardians for minor children. A living trust places assets such as your home, bank accounts, or investments under the management of a trustee, helping you avoid probate and maintain privacy. For many families, using both a will and a living trust offers the most comprehensive protection.

A financial power of attorney is a key part of any estate plan, whether built around a will, a living trust, or both. This document allows someone you trust to manage financial matters on your behalf if you are unable to do so, protecting your interests and ensuring bills, accounts, and other obligations are handled smoothly.

A healthcare power of attorney designates someone to make medical decisions on your behalf if you cannot. This ensures that treatment decisions reflect your wishes and relieves family members from having to make difficult choices without guidance.

A living will specifies your preferences for medical treatment and end-of-life care. It works in conjunction with a healthcare power of attorney to clarify your wishes and alleviate the burden on loved ones during difficult times.

A HIPAA authorization allows medical providers to share your health information with designated individuals. This ensures that your loved ones can stay informed and participate in care decisions when necessary.

A personal property memorandum provides a simple way to designate who receives items of sentimental or personal value, such as jewelry, artwork, or family heirlooms, without needing to amend your will or trust.

The initial decision you need to make is whether to establish a will-based estate plan or a trust-based estate plan. With a will-based plan, your will will be filed with the probate court and your devisees (those receiving your property) will have to file various documents and pay fees to the probate court. Probate proceedings are public and generally last about a year. In addition, creditors must receive legal notice and are allowed to file claims against your assets.

With a trust-based plan, you “fund” the trust by transferring assets into the trust. Because those assets are in the trust, you avoid probate. When you die, your trustee (typically spouse or child) will transfer those assets according to the provisions of your trust.

This is a trust that you have the right to revoke, in contrast to an irrevocable trust. It’s “living” because you establish the trust while you’re living, in contract to a testamentary trust, which is established in a will after you die.

You can imbed a supplemental needs trust within your trust for a disabled child so that funds are distributed for the health, education, maintenances, and support for the child and also provide that the trustee must take into consideration government benefits when making distributions so as not to disqualify the beneficiary for those government benefits.