Moving to Myrtle Beach? Do You Need to Update Your Will?

If you are moving to the Myrtle Beach/ Horry County area, now may be a good time to update your will. Or, if you don’t have a will in place yet, now may be the time to meet with a probate and estate planning lawyer and get it done…

In this article, we will talk about why you should establish a relationship with a probate lawyer soon after you make the move to Myrtle Beach, including:

• Why you may need to update your will,
• When you should update your will, and
• How to go about updating your estate plan.

If You are Moving to the Horry County/ Myrtle Beach Area…

If you are relocating to the Myrtle Beach area, one of the many tasks you will need to accomplish as soon as possible is to establish relationships with professionals. Your doctors, lawyers, accountants, and other professionals you may need to handle your affairs will most likely change.

Just as you don’t want to wait for an emergency to establish a relationship with a doctor’s office, you don’t want to wait until it’s too late to contact your local Myrtle Beach probate and estate planning attorney.

Your estate planning attorney on the Axelrod team can help you with establishing or updating your estate plan as needed, including:

• Asset protection plans,
• Simple wills and complex wills,
• Probate administration,
• Trust administration,
• Powers of attorney,
• Business succession planning,
• Guardianships and conservatorships,
• Elder law services, and
• Special needs planning.

Whether you need to get a simple will in place for the first time, craft a comprehensive estate plan with special needs trusts or a business succession plan, or just review and update your existing will or estate plan, we are here to help when you are ready.

Why Do You Need to Update Your Will?

I already have a will – why do I need to change it now?

Things change – you may not realize how much things have changed until you sit down to review the provisions of your will or estate plan.

Relatives may pass away, leaving no heir or an heir that you don’t want to inherit. Children may have difficulties with addiction or mental illness and need a trust in place to protect their inheritance. You may have a thriving business that you did not have when you first drafted your will.

If you do not periodically review and revise your will, odds are that something will not go as you planned when your will is probated. Take the time to meet with your attorney, review your existing will and estate plan, and make any needed changes now, before it is too late – because we never know when “too late” will come.

When Do You Need to Update Your Will?

Why you need to update your will may be obvious to many people, but when do you update your will may be a more important question…

You may need to update your will or estate plan if:

You are moving or relocating to Myrtle Beach/Horry County. When you move to a new city or even a new state, you should establish a relationship with a local probate and estate planning attorney as soon as possible, and updating your will is one way to do this.

You are having your first child or a new child. Many people will finally get around to drafting their first will when their first child is on the way. Now it’s not just myself I need to worry about – there are going to be little ones depending on me, and I may need to appoint a guardian for the children, consider how I can pass on business interests to them, or create special needs or spendthrift trusts to ensure their needs are met.

You are thinking about divorce or recently divorced. What happens if you pass away while married? If all your assets pass to your wife, that is what will happen even if you are in the process of divorce. You should update your will as soon as possible if you are considering filing for divorce.

One or more of your children have gotten married. Now the situation is very different than it was when they were a newborn. If your child has married the “wrong” person, you may be able to protect your child’s inheritance by creating a spendthrift trust or conditioning any estate distribution on a prenuptial or post-nuptial agreement between your child and their spouse.

One or more of your children develop substance abuse problems, mental health issues, or another condition that affects their judgment and financial stability. You can update your will to include one or more trusts with a third-party administrator who will only distribute funds when the conditions of the trust are met.

One or more of your children has moved past their substance abuse problem or mental health issue. When you are confident that your child has recovered from their issues and is financially competent, you can remove the trust or trusts from your estate plan and allow them to inherit directly, or you may decide to name that person as your executor.

You need to name a new executor. You may need to update your will to name a new executor or executors when the previously named executor passes away or becomes unavailable to act as executor.

New legislation or case law changes how your estate plan operates. New legislation passed by Congress could affect your estate plan, including the operation of trusts, tax benefits, family business succession, and IRAs or other financial planning tools.

You are entering a new marriage. If you are getting married, whether it is your first and only marriage or your third marriage with new stepchildren to care for, you should consider reviewing your estate plan with your probate lawyer and updating your will.

Your financial situation changes. Any time there is a significant change in your financial situation, whether that is a new job, a new spouse, or a monetary “windfall,” you should consider reviewing and updating your will or estate plan.

Got Axelrod?

If you are moving to the Myrtle Beach/ Horry County area, you may need to consider updating your will or estate plan as soon as possible. Just as you will be looking for local doctors who can help, you will need to establish a relationship with a local probate and estate planning attorney who will be there when you need them.

Call your SC divorce attorney at Axelrod and Associates now at 843-258-4254 or send us a message through our website to find out how we can help.