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.
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