Estate Planning in Bluffton, South Carolina
Estate planning is the process of creating legal documents to provide a clear plan for the care of an individual during incapacity as well as detailing the individual’s desires for the transfer of their estate. Every adult, regardless of age, can and should have an estate plan in place. It is helpful for anyone considering an estate plan or a will to gain a basic overview of how these processes work and understand how your estate plan can grow and change with you over time.
CALL US TODAY 843-681-6500
Jolley Law Group, an estate planning law firm in Bluffton SC can handle all of the matters discussed below for clients in the Hilton Head and Bluffton areas. Their attorneys offer various services related to estate planning, probate administration, trust administration, and elder law-related issues. The firm’s phone number is 843-681-6500
The Bluffton Estate planning lawyers at Jolley Law Group help a family create a plan that provides specific instructions for a person’s care and financial management in the event of incapacity, as well as, creating a plan for the distribution of the individual’s estate.
Each person’s estate plan is unique. The documents that comprise an estate plan should address the current goals and needs of the individual and also address potential future issues. As a person ages, their estate plan should change. For example, a younger individual might have an estate plan comprised of a financial and healthcare power of attorney to deal with potential incapacity issues, and a simple last will and testament to dispose of their estate. Then as the individual ages, gets married, and has children, the estate plan might evolve to include a revocable trust to avoid probate and develop a specific plan for their children to inherit their wealth.
Whatever phase of life you are in, an estate plan can be created specifically to suit your needs and ensure your plans are followed.
Probate lawyers in Bluffton, South Carolina
Probate is the court-monitored process of transferring wealth from a deceased person to their named beneficiaries and heirs. Probate in South Carolina can take at minimum one year to complete and each probate estate presents its own unique challenges.
There are a number of services that a Bluffton SC probate law firm such as Jolley Law Group provides for their clients from simple administration to complex contested estates.
Last Will and Testaments vs. Revocable Trusts
Last Will and Testament and Revocable Trust are both estate planning documents that give direction regarding the transfer of an individual’s estate. But that is where the similarities end. Here are some crucial differences between trusts and wills.
A revocable trust is a document created to hold a person’s assets and is funded during the person’s lifetime. A person who creates a Trust is called a Settlor or a Grantor. This document has language in it to deal with the management of the assets during the person’s life, as well as at death. Trust formation can be complex and it is best to have experienced trust attorneys available throughout the process. Those who need more flexibility and complexity in their estate plan will likely want to make a trust. One major benefit of a trust is that they do not require the assets in the Trust to be probated.
A Last Will and Testament is a solely testamentary document, meaning it only deals with the distribution of assets after a person’s death. A person who creates a will is called a Testator. When a person with just a will, their estate will go through Probate and be administered under the supervision of the Probate Court. Wills are great documents for those whose main goals are to have written instructions in place regarding the distributions of their assets.
Speaking with local Bluffton estate planning attorneys
Jolley Law Group is available to answer questions about topics such as estate planning, probate administration, trust administration, and elder law-related matters. They can be contacted by phone at 843-681-6500.
Our Estate Planning Services
Trust Planning
Create a trust that protects your assets and provides for your loved ones according to your wishes.
Will Planning
Ensure your final wishes are clearly defined and legally binding with a comprehensive will.
Tax Planning
Minimize tax liabilities for your estate and maximize the benefits for your beneficiaries.
Your Local Estate Planning Attorneys
At Jolley Law Group, we are proud to serve the community we call home. As your local estate planning lawyers, we understand the unique needs of our area and are deeply committed to protecting the futures of our neighbors. Trust us to provide personalized, community-focused legal guidance that aligns with your values.
-
What is the difference between a will and a trust?
A will is a legal document that outlines how your assets will be distributed after your death and can name guardians for minor children. A trust, on the other hand, allows you to transfer assets into a separate entity that holds and manages them during your lifetime and beyond. Trusts can provide greater control over asset distribution, help avoid probate, and may offer tax benefits.
-
Why is estate planning important if I don’t have a large estate?
Estate planning is crucial for everyone, regardless of the size of your estate. It ensures that your assets, no matter how modest, are distributed according to your wishes and that your loved ones are cared for. Additionally, estate planning can help avoid family disputes, minimize taxes, and ensure that your healthcare and financial decisions are handled by someone you trust if you become incapacitated.
-
How often should I update my estate plan?
You should review and potentially update your estate plan every three to five years, or whenever a significant life event occurs, such as marriage, divorce, the birth of a child, or a major change in financial status. Regular updates ensure that your plan reflects your current wishes and circumstances.
-
What are the tax implications of estate planning?
Estate planning can help minimize the tax burden on your heirs by strategically structuring the transfer of your assets. Tools like trusts, charitable donations, and lifetime gifts can reduce estate taxes and ensure more of your wealth is passed on to your beneficiaries. It’s important to work with an experienced estate planning attorney who understands the tax laws relevant to your situation.
Common Questions About Estate Planning
Our Practice Areas
Columbia Office
Hilton Head Office
Bluffton Office
Beaufort Office
All Rights Reserved | Jolley Law Group | Areas Served | Privacy Policy | Powered by Levitate