What Are the Three Main Priorities You Want to Ensure With Your Estate Plan?

What are the three main priorities you want to ensure with your estate plan? It’s crucial that you ask yourself this question before moving forward with the estate planning process to ensure you create a plan that meets your needs adequately. Luckily, a skilled York estate planning attorney from our firm is prepared to help you answer that question and assist you in building an estate plan that helps you feel confident.

Determining Your Priorities for Your Estate Plan

The priorities of an estate plan vary from person to person. For example, someone with a big family may prioritize the well-being of their loved ones by leaving behind assets or funds to help them live comfortably. On the other hand, someone battling a severe illness may prioritize their treatment toward the end of their days. The first step in estate planning is assessing your current situation and deciding what is important to you.

Common Priorities in South Carolina Estate Plans

While everyone has their own priorities in their life, you can generally find that the three most important aspects for individuals creating an estate plan include:

1. The Well-Being of Loved OnesAlmost everyone who goes through the estate planning process has loved ones to consider. When creating your estate plan, you should ask yourself questions like:
   • Who will get my house when I am gone?
   • Where will my financial assets go?
   • What will happen to my personal belongings?
   • Who will take care of my minor children?

   What your loved ones receive as beneficiaries is also an important factor to consider in the midst of estate planning. For example, if you have a child, you may want to determine which assets they’ll receive so no one can attempt to take them later on. Oftentimes, these decisions can be stated in a will, which is the most common legal document used to detail your wishes regarding your assets.

2. Healthcare DecisionsWhether you’re healthy or deal with chronic illness, it’s important to state your personal medical wishes in your estate plan. Unfortunately, there may come a time when you are no longer able to make decisions regarding your health. Setting up a healthcare power of attorney or stating your wishes in your will can ensure your desires are respected and that you receive the treatment you would choose for yourself.
   Medical planning documents can be used to answer a number of questions, including:
   • Who will be able to receive sensitive information regarding confidential health and medical data about me?
   • Who will make medical decisions on my behalf should I become incapacitated?
   • What measures ought to be taken in order to save my life, such as resuscitation or life support?
3. Final ArrangementsPersonal wishes and requests regarding your final arrangements should be another priority in your estate plan. It’s important that you outline how you’d like your funeral to take place, if you have a preference for the location of your burial, and if you have any specific requests regarding how your body is cared for. While it’s not always easy to think about, detailing these requests can help bring you peace of mind that your wishes will be followed when you’re no longer here.
   Some common examples of decisions made in predetermining final arrangements include:
   • The location of your funeral.
   • Who will act as pallbearers?
   • Where will you be buried?
   • Arrangements for cremation, if desired.

   Additionally, during the estate planning process, you can allocate funds and resources to cover the cost of your funeral and other arrangements following your death.

FAQs

Q: What Are the Main Goals of Estate Planning?

A: The primary goal of estate planning is to organize your affairs and wishes while you are still living, ultimately minimizing the questions your loved ones may be left with when you’re no longer here. For example, you can designate who will receive your assets and what they receive, you can outline personal funeral requests, and you can even designate guardians for minor children. Estate planning is meant to bring you and your loved ones peace of mind for the future.

Q: What Are Important Factors to Consider When Estate Planning?

A: There are multiple important factors to consider when estate planning. While every estate plan is different, it’s important to consider how you want your assets to be divided, any personal funeral requests, any guardianship designations, and more. Generally, a good rule to keep in mind is that if it’s important to you, you should include it in your estate plan.

Q: Is Real Estate Included in an Estate Plan in South Carolina?

A: Yes, real estate can be included in the estate planning process in South Carolina. Generally, when you work with a lawyer, one of the first steps you’ll take includes taking an inventory of all of your assets, including your home and other real estate. The family home, vacation homes, cars, boats, and other large assets can all be identified and distributed in your estate plan if you desire.

Q: How Early Can You Begin Estate Planning?

A: While it is never considered too early to begin the estate planning process, the decision ultimately depends on the specifics of your circumstances. For example, young parents may decide to begin the process early in order to ensure their children are protected should something happen to them. Once you begin to acquire assets or have children, it is generally considered smart to begin forming some type of estate plan, even if it’s simple.

South Carolina Estate Planning Attorneys

Estate planning can seem like a daunting task, especially if you have little experience with it. Luckily, an experienced attorney can help you identify your priorities and assist in building an estate plan that effectively addresses your unique wishes.

At Mack & Mack Attorneys, our lawyers share comprehensive legal knowledge surrounding estate planning in South Carolina and have helped countless residents create plans that help them feel confident. Contact our offices today to learn more about how we can guide you through the estate planning process.