What is an Estate Plan?
An estate plan is a legal document that gives instructions on what should happen to a person’s assets and possessions after they die. Generally, an estate plan consists of a will, which details what should happen to a person’s possessions, and a trust, which outlines who will manage and distribute the estate according to the deceased’s wishes. Estate plans can also include non-probate transfers, like life insurance and retirement accounts, which pass directly to the beneficiaries after death. In South Carolina, disability planning law may also affect an estate plan, since disabled persons often require a higher level of care than those without disabilities. Disability planning laws allow individuals to create special needs trusts to provide for disabled loved ones, so that they can access government benefits and other financial resources. With an estate plan, individuals can also establish financial guardianship and appoint a legal representative to handle their affairs, if needed.
Related FAQs
What is the Americans with Disabilities Act (ADA)?How do I apply for a Guardianship?
Who is eligible for SSDI benefits?
How can I protect my assets when applying for public benefits?
What is a disability review?
What can a Durable Power of Attorney do?
What kind of assistance is available for disabled veterans?
What is a charitable trust?
What is the difference between a revocable living trust and a special needs trust?
How does a disability lawyer help me?
Related Blog Posts
Explaining the Basics of Disability Planning Law - July 31, 2023Preparing a Comprehensive Estate Plan with Disability Planning Law in Mind - August 7, 2023
Creating an Estate Plan to Provide Financial Security for Individuals with Disabilities - August 14, 2023
Important Considerations When Drafting a Disability Planning Document - August 21, 2023
The Advantages of Working with a Disability Planning Lawyer - August 28, 2023