The Importance to You and Your Family of Having an Estate Plan by An Estate Planning Lawyer in Charleston, SC
As an estate planning lawyer in Charleston, SC, I stress to everyone I meet the importance of having an estate plan to protect you, your family, your business, your wealth, and your legacy. But according to Caring.com, only 33% of Americans have an estate plan in place.
The week of October 17 – 23, 2022 is National Estate Planning Awareness Week and I will be discussing the importance of estate planning in videos on my Facebook page and my LinkedIn page.
Why should you have an estate plan?
An estate plan can provide significant peace of mind by ensuring your assets are protected, plans are in place in the event you become ill, and your property is passed down according to your wishes.
What key topics should you consider?
Do you have a last will and testament and/or a trust? If you do not have these important documents, state law will determine who will inherit your property under the intestate succession laws regardless of your wishes. Additionally, someone appointed by the court, instead of a trusted person of your choosing, will be in charge of caring for any children or pets. Spelling out your wishes in a will or trust-based estate plan will also prevent unnecessary confusion, anxiety, and expense for other family members when you are gone.
Have the proper powers of attorney been prepared? A financial power of attorney will allow you to designate an individual to make financial and property decisions for you should you become unable to handle your own affairs. A medical power of attorney enables you to designate a person you trust to make medical decisions for you when you are otherwise unable to speak for yourself.
Make sure that you have an advanced directive, also called a living will, which memorializes your wishes concerning your end-of-life care, such as whether you would like to receive life support if you are in a vegetative state or have a terminal condition.
Do you have insurance? If you become incapacitated or die, it is important for your loved ones to have information about your insurance so that claims can be filed. Documents regarding your life, health, disability, and long term care insurance should be kept together in a location known to your trusted family members or loved ones.
Compile a list of all of your accounts and other important information, including bank and investment accounts, titles to vehicles and homes, credit card accounts or loans and digital accounts with your usernames, passwords and pins. Social Security cards, passports and birth certificates may be needed to manage your property when you are incapacitated or when it is time to settle your estate after you have passed. This information should be kept in a safe place and shared only with trusted family members or loved ones.
A list of legal, financial, and medical professionals who have performed services for you is also important. The list should include their contact information so your family can easily reach them in the event their help is needed if you become disabled or die. If desired, you should also ensure HIPAA authorizations are in place with medical professionals to ensure your family members are able to obtain needed information.
As an estate planning lawyer in Charleston, SC, I know how important an estate plan can be to reduce your loved ones' burdens if you become incapacitated or pass away. Every family is unique, and you deserve an attorney who will take the time to listen to you to understand and respect your estate planning needs and goals.