Estate Planning Mistakes that Could Cost Your Family

Estate planning in South Carolina lets you control how your estate is handled after your death. No matter what your estate’s size, careful planning now makes things easier for your loved ones later. To do this, learn about estate planning mistakes that could leave your relatives with less.

Our experienced Summerville estate planning attorneys at Gil Gatch Law welcome the opportunity to help you.

Your Summerville Will

At the time of your death, your will, which is a primary estate planning tool, will be filed with the County Probate Court that corresponds with the county in which you resided. Because Summerville covers three counties, three possibilities include the following:

• Dorchester County
• Berkeley County
• Charleston County

After your will is filed, it enters the probate process. This process decides how your assets will be divided among your loved ones.

Failing to Accurately Address Beneficiary Designations

Certain financial holdings, including life insurance policies and retirement accounts, are beneficiary-based. Following a significant life event, such as a marriage, divorce, or the birth of a child, it’s important to revisit beneficiary designations to ensure they still accurately reflect your wishes. Your will cannot override what is stipulated in a beneficiary-based account.

This means that, if (for example) you fail to remove your ex as a beneficiary following a divorce, the asset in question will belong to them. As a result, your family will have less.

Failing to Implement a Contingency Plan

You should name a personal representative to act as the executor of your estate. This person starts probate and manages your will through the legal process. If you do not name an alternate executor or alternate beneficiary, South Carolina inheritance law will decide who fills those roles.

Keeping your estate plans updated is very important to ensuring your wishes are carried out. Doing so can also save your family money by streamlining the probate process.

Failing to Work Closely with a Dedicated Estate Planning Attorney

South Carolina probate laws are complex. Your estate plans reflect your financial legacy. Work with a skilled estate planning lawyer to ensure you get it right.

Turn to Our Experienced Summerville Estate Planning Lawyers for the Help You Need

The estate plans you create now and continue to update throughout your lifetime reflect your commitment to your loved ones. Our reputable Summerville, SC, estate planning attorneys at Gil Gatch Law are well-positioned to help you establish plans that bolster your peace of mind. Take the next step, contact us online or call 843-800-2020 today to secure your family’s future with confidence.