Myrtle Beach Estate Planning Attorneys – Simple Wills and Complex Wills in SC
The one estate planning document that everyone is familiar with is a simple will that identifies what property is distributed to who after death.
For many people, a simple will is sufficient to accomplish their goals. For others, a “complex will” is necessary to protect your assets, minimize tax liability, or provide for special needs.
Your SC probate and estate planning lawyer at Axelrod and Associates will help you to determine whether a simple will or a complex estate plan is appropriate and how to achieve your goals.
What is a Simple Will in SC?
A simple will can identify the executor of your estate, appoint guardians for your children, and identify who will receive what property after your death.
Even a simple will must pass through probate which is why an executor should be named in the will. When it is necessary to avoid probate, other types of estate plans may be more appropriate.
When Should I Use a Simple Will in SC?
A simple will may be appropriate if:
- You do not have a large estate;
- The distribution of assets is straightforward;
- You do not have children from prior marriages; and
- The will is not likely to be contested.
Basically, an uncomplicated estate with simple distribution goals can be accomplished by a simple will…
When Should I Use a Complex Will in SC?
Your SC estate planning attorney will create a “complex will” for you when there are significantly more assets or when there are specific goals that cannot be accomplished by a simple will. For example:
- You are creating a joint will with your spouse;
- You need to minimize the impact of estate taxes;
- You need to provide for a child who is disabled;
- You have a previous spouse or children from previous marriages; or
- You are a business owner.
A complex will, in conjunction with other estate planning tools like trusts, can allow your assets to pass without going through probate, can allow you to protect your children’s inheritance from wasteful spending or creditors, and, in some cases, can preserve your assets from tax liabilities and creditors.
Effective estate planning allows you to control your assets after you die… managing cash flow to children, grandchildren, or other beneficiaries at the time and in the amounts that you think are appropriate.
Everyone needs a plan in place to provide for their loved ones after death. Whether you are considering a simple will or need a comprehensive estate plan designed to protect your assets and beneficiaries, your estate planning and probate attorney at Axelrod and Associates will help you to achieve your goals. Call today at 843-353-3449 or complete our contact form to set up an initial consultation.