The South Carolina Estate Planning Checklist You Need in the New Year

As the New Year begins, are you ready for a fresh start and thoughtful planning?  We know that your South Carolina estate planning might not be the first thing on your list, but it is an important step in ensuring your legacy and protecting your loved ones. So, now is the perfect time to review and update your estate plan. We want to discuss some insights on what should be at the top of your South Carolina estate planning checklist this year.

1. Read, go over, and update your will and trust agreement. The foundation of your estate plan is your will and trust. It needs to reflect your current wishes and circumstances. Of course there are life changes such as marriages, divorces, births, or deaths in the family, which can significantly impact your estate plans. Be sure to take the time to know that this important estate planning tool is up-to-date and accurately reflects your beneficiaries and the allocation of your assets.

2. Read, go over, and update your durable power of attorney. Your durable power of attorney allows someone you trust and have chosen to handle your affairs if you are not able to do so. You should periodically review who you have chosen to be sure they are still the best choice. It would also be a good idea to have a backup in case your primary choice is unavailable or unwilling to serve.

3. Be sure to name someone you trust to make your health care choices. Your health care planning outlines your choices for medical treatment and appoints someone to make those choices if you are incapacitated. By reviewing these documents with your experienced South Carolina attorney you can be assured that they align with your current health care preferences and can work the way you want them to in a crisis.

4. Be sure to check in on all your beneficiary designations. You need to be mindful that not all of your assets may go through your will or your trust, for example, your retirement accounts. Again, discuss these choices with your South Carolina estate planning attorney to be sure that they will pass directly to the beneficiaries you have named. It is very important to regularly review and update your designations to be sure they are in line with your current estate plan.

5. Be sure all necessary trust funding is complete. If you have a trust, you need to be sure it is properly funded. A trust or trusts that are not funded or even underfunded can fail to provide the intended protections and benefits, rendering them ineffective.

6. Be sure to keep up-to-date on estate tax planning. Be aware that tax laws can change, and it is important to understand how these changes might affect your estate. Working with your South Carolina estate planning attorney will help you minimize potential estate taxes and maximize the inheritance for your beneficiaries.

7. Be sure to review and list all your digital assets. We are in the digital age, and it is necessary for you to consider your digital assets, such as social media accounts, online banking, and digital files. Be sure your digital assets are handled the way you want them to be. To be sure they are, you need to discuss them with your South Carolina estate planning attorney to get the guidance you need to secure them. 

8. Remember to think about your legacy. Do you want your legacy to be about more than just giving money to your children? If charitable giving is important to you, the New Year is a great time to include your philanthropic goals in your estate plan. This could be through direct gifts, creating a charitable trust, or other estate planning tools that your South Carolina estate planning attorney can discuss with you.

Keep in mind that your South Carolina estate planning is always an ongoing process, and the New Year is an ideal time to review and update your plans. By reviewing your estate planning checklist, you can be sure that your South Carolina estate plan accurately reflects your wishes and provides for your loved ones. In addition, consulting with an experienced South Carolina estate planning attorney can provide you with tailored advice and peace of mind.

We want to help you and your family answer your questions. We are your local, experienced, law firm!  At Jabber & Isaac, we are dedicated to providing the best legal counsel in a caring and compassionate way. If you are looking for a premier law firm in the Midlands area of South Carolina, look no further than Jabber & Isaac. To learn more about our firm, we encourage you to contact us today to schedule an appointment to meet with one of our attorneys.