If you set up a will or trust early in your life to provide for your family after your death, you may worry that you cannot change the document in the event of a divorce or disinheritance. However, estate planning law allows you to work with an attorney to change your mind on part or all of your estate planning documents.
Even complicated legal estate planning like trusts – living or irrevocable – can be changed, although the process might be complex.
If you go through a divorce and your spouse is named as the primary inheritor of your finances or property, the divorce automatically nullifies this and your estate will go to your children or next immediate family member. However, while you can state disinheritance clearly in your will or trust by naming names of family members, including children, you cannot disinherit your current spouse.
Without specifically disinheriting them in your will or trust, your children will receive between 50% and 100% of your property or money. This will be decided in probate court. If you do not wish your children to receive your money or property, and instead want property to go to another individual, you must create a will or trust to specifically state this wish.
If you need to be specific about the inheritance of your property or finances, estate planning with either a will or trust can do just that. There are many details of wills and trusts that can help you, but the information may be difficult to sort through on your own. The South Carolina estate planning attorneys at the Strom Law Firm can help. We offer a free consultation to discuss your needs and wants, so contact us today.
If you have money or property you specifically wish to pass to your family members, or even friends, it could be important to focus on detailed estate planning to avoid probate court, so there are no legal disputes or hurt feelings among your family members. One way to do this is to set up a living trust.
Living trusts can be set up for any asset you own – real estate, cars or other vehicles, bank accounts including savings accounts, and so on. You will create a document similar to a will which names the trustee who will receive the property after your death. This person is called a successor trustee. Once that document becomes legal, you must transfer your ownership of your property to the trust – you hold the property on behalf of the trustee while you live, and when you die the property passes to the successor trustee. Terms of the trust will specifically set up your control over the property.
Living trust are also called revocable trust in South Carolina, because you may create terms in the trust documents to allow you to change the terms at any time. You can fund the trust during your lifetime, aka cede control of assets to the trust, or you may create terms to fund the trust upon your death. Many people who wish to donate money or property to societies or charities choose the latter.
If you have more than one family member you wish to take care of with a living trust, you may designate a co-trustee. Many people with two children take this option.
If you wish to discuss a living trust or any other type of estate planning, the South Carolina estate planning attorneys at the Strom Law Firm can help. We understand the intricate details of South Carolina will, trust, and estate planning law and can help you sort out the best option for you and your loved ones. Contact us today for a free consultation.
When planning for your family’s future after your death, you may automatically consider a will. Sometimes, people set up trusts to secure their property and finances for family members while they are still alive. There are subtle differences between wills and trusts in estate planning, and it is important to understand those differences.
Both wills and living trusts contain information about inheritance in the event of your death, or if you unexpectedly become unable to handle your financial affairs. Wills are often adequate if you have a modest estate, but your family will go through the probate court process to ensure all parties adhere exactly to your wishes. Trusts are often set up by people with larger estates who do not want their family to go through a lengthy probate court process.
If you do not have a will or trust, or any other form of estate planning, set up for your family, then the state will go through a probate court process to divide your property, especially if there is a dispute among your family members regarding inheritance or heirlooms.
To avoid a potential family struggle, wills and trusts make your wishes known to your loved ones so that they can focus on their grieving process.
If you want to discuss laws and possibilities for estate planning, including wills and living trusts, the South Carolina estate planning attorneys at the Strom Law Firm can help. We offer a free consultation to discuss your wants and needs, to see how we can help you. Contact us today. 803.252.4800