It can be a tough to think about and plan for, but it is always a good idea to have a plan in place for your estate in the event that you become incapacitated. There are many things to contemplate and consider when making your plans.
One step you will need to take is to nominate a Durable and Healthcare Power of Attorney. This is the person(s) you are appointing to take care of your finances, estate, and even health when you are unable to do so. Parents will appoint guardians to care for their children in the event of a tragedy. Guardians do not have to be a family member, they can be trusted friends as well.
When it comes to estate planning, the plan should provide financial resources to whomever takes over as guardian for the children. Having a plan in place before it is needed can aid in avoiding major family disagreements over the estate and finances. Each person may think they are entitled to more or know best and this is where fights begin. This can divide families for many years in some cases. Spelling out a plan ensures that your best wishes are in the forefront of everyone’s minds.
Estate planning also allows for certain tax shelters and ensures that your family gets the most money allowed to them.
When you don’t have an estate plan in place, the courts must get involved. In the state of South Carolina, someone will have to file an action in the Probate Court. This action will have you declared incompetent, and the court will appoint someone to manage the estate and finances. This can be a long and confusing process, which could all be saved by having a plan in place when you are of sound health and mind.
Also, without a plan in place, your medical care could also be left up to the Probate Court. This can also take months, and sometimes you may not have that long to wait. By putting a trusted friend or family member with your care, you save a lot of time and stress.
Estate Planning is important at any age. Illnesses, accidents, and tragedies can happen at any point, and you want to be prepared when it does, especially if you have children who are depending on you. Harden Law can help you through the entire Estate Planning process. Click here to learn more.
