Estate planning, inflation and testamentary resources in SC

Some haven’t had time, some think they don’t have enough to leave behind, but the experts say take the time and yes you do.

SOUTH CAROLINA, USA — Talking about death or end-of-life planning is an easy way to lower the mood in any room.

Although it’s uncomfortable, everyone needs to start discussions about wills in their family.

According to a survey by Caring, a website that provides resources for caregivers, 2 out of 3 American adults do not have a will, even though half of adults in the United States think estate planning is important.

When asked why they hadn’t started, 40% of adults said they simply hadn’t taken the time to do so. For young adults, end of life and estate planning may not be a priority.

More and more young adults, especially those who have had a more intense pandemic experience, are starting to plan early. The number of people aged 18-34 reported a 50% increase, but even these increased numbers are still small.

The second most common reason adults haven’t started planning has to do with inflation and financial insecurity. They just don’t think their assets are valuable enough to pass on. Caring revealed that 1 in 3 American adults feel they don’t have enough savings to leave behind.

A New York Times survey found that 9 out of 10 Americans worry about inflation.

Fear of inflation and financial instability can influence how people view their existing finances, experts say.

As a result, people may feel that the savings they have are too small to have an impact on their family’s finances.

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Even with these barriers, it’s important to consider what happens to your belongings after you pass.

When a person dies and leaves no will, they died intestate. Dying intestate means that your assets are returned to the state and divided in court.

South Carolina law states that when this happens, half of your assets will go to your living spouse and the other half will be divided among children or grandchildren. It might be what you want to do anyway, but you should still write it into some estate planning documents, experts say.

Having documents can help surviving family members avoid lengthy legal proceedings to divide assets, which can sometimes take more than a year. Court proceedings can also be costly and result in the loss of part of the estate in fees.

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Some adults procrastinate in their estate planning due to the perceived financial burden, planners say. Hiring a financial or legal advisor can be expensive. In South Carolina, ETV Endowment can help people plan their estate planning resources early without breaking the bank.

ETV Endowment offers free personal planning guides to help you organize the essentials without the help of an advisor.

Once everything is completed, the documents can be filed away for safekeeping, handed over to a family member, or forwarded to an advisor.