‘Estate’ is a commonly misunderstood term in South Carolina. It doesn’t just refer to your assets after death. It relates to your current assets and liabilities. Anyone, regardless of age, can benefit from scheduling an estate planning consultation with the experienced probate attorneys at Gil Gatch Law. You can explore options for drafting a will and reducing tax burdens through trust accounts with guidance from our experienced Tri-County probate team.
Understanding the South Carolina Estate Planning Process
Estate planning can be used to protect both your future legacy and current assets. Our probate attorneys begin the process by assessing your family and financial situation, after which we may make the following recommendations:
Executing a Will
If you do not have a valid will, your estate will pass based on South Carolina’s default inheritance laws. Wills override these default laws, giving you complete control over how your assets are distributed upon death. They can also set forth conditions, such as preventing the sale of a family home, and provide for backup beneficiaries.
Opening Trust Accounts
Trust funds can be used for various purposes, including avoiding probate and federal estate taxes. They can also protect seniors from Medicaid liens and ensure beneficiaries do not mismanage their inheritances. Our experienced estate planning lawyers can help you open the following trusts:
- Revocable (Living Wills)
- Irrevocable
- Spendthrift
- Charitable
- Life Insurance
- Children’s
- Educational
- Affordable Housing
- Special Needs
- Pet
- Testamentary
You can continue to control your assets as a trustee or retain our trustee services.
Considering Future Health and Child Care Needs
Estate planning can also involve executing powers of attorney, durable South Carolina health care proxies, and standby guardianships for disabled adult and minor children. Our lawyers can also help families obtain valuable life and long-term care insurance to protect themselves and their loved ones in the event of medical emergencies.
Your Estate Planning Law Firm in Summerville, SC
Do not leave your family fighting in court for a piece of your hard-earned legacy. Take control of your assets now and protect yourself during a medical emergency with help from the experienced Tri-County estate planning lawyers at Gil Gatch Law. Call (843) 800-2020 or connect with our Summerville probate team online to schedule your first estate consultation.
Frequently Asked Dorchester County Wills, Trusts, and Estate Questions
Our experienced probate attorneys often receive the following questions during estate planning consultations:
My relative just passed away. Now what?
If your relative passed away without a will, we may assist the legal heirs in obtaining title to your relative’s assets and settling estate debts. This can be an easy or difficult process depending on the number of heirs and their relationship. We may also assist families in locating and probating the will, which involves submitting it to the local probate court for administration.
How do I update my will?
Most clients update their wills multiple times. This often occurs when family and financial situations change. Our lawyers can help you execute a ‘codicil’, which is an add-on to an existing will, or recommend legally ‘destroying’ the old will and executing new testamentary documents.
Why do I need estate planning?
As qualified estate and family lawyers, we’ve seen first-hand the emotional stress and domestic upheaval caused when people suddenly pass away without an estate plan. Planning your estate not only protects you, but it also protects your family’s future.