Estate Planning

A comprehensive estate plan will arrange for the distribution of your assets upon death, and can also protect those assets and ensure that the legacy you leave stays with the people you intend. Not only that, it should also plan for incapacity and other emergencies. Tapp Law Firm, LLC will provide you with a thorough estate plan that will protect your legacy and provide for your loved ones

Revocable Living Trusts

A Revocable Living Trust is one of the best tools for your family to avoid Probate completely and to protect the assets you leave to your loved ones. A Revocable Living Trust allows you the ability to put protections in place in the event of a beneficiary’s divorce or other legal situations, and allows you the most flexibility with the terms and conditions you put around your beneficiaries’ inheritances. Sometimes it is necessary to appoint someone other than the beneficiary to be in control of their inheritance, whether indefinitely or until they reach a certain age. The Revocable Living Trust can ensure a beneficiary does not get control over their inheritance at a very young age and can help ensure the inheritance lasts and goes towards things that you feel are important.

Wills

A Last Will and Testament is something that every single person needs. If you do not have a Revocable Living Trust then the Will is the document that will direct your Personal Representative to distribute your assets to the beneficiaries you have named. The Will is also the only document that names a Guardian for your young children. Having a Will is imperative, and passing away without one in place can be a nightmare for your loved ones that are tasked with settling your affairs. Even someone with the simplest of estates needs a Will!

Powers of Attorney

Powers of Attorney are documents that cover you while you are still alive but are unable to handle your own affairs or make your own medical decisions. There are two main types, the Health Care Power of Attorney and the General Durable Power of Attorney. Both documents name an Agent who can act on your behalf. The Durable Power of Attorney covers basically any situation that is not a medical situation (i.e. handle bank accounts, communicate with institutions, pay bills, deposit money, etc.) and the Health Care Power of Attorney allows your agent to make your medical decisions if you are unable.

Healthcare Directives

Commonly known as a “Living Will” or the “pull the plug document” this is the document that deals with end of life care. This is what your doctor asks you about before any procedure. Not having a Living Will in place means if the situation arises your loved ones will have to make very difficult decisions and often leads to conflict amongst family members. Having this document means that if the time comes, your loved ones don’t have to make an impossibly tough decision.

LLC Creation

LLCs are not the first thing that come to mind when putting together an Estate Plan, but can often be a very valuable tool. They can be particularly beneficial for real estate rental properties as well as any other type of small business. Whether you have a full blown Revocable Living Trust or a simple Will, an LLC can help protect assets and if done correctly can provide for a seamless transition upon your passing.

Probate

Probate is the state of South Carolina’s process of basically clearing the title on all of your assets and distributing them to the appropriate parties. If you do not have an Estate Plan (either a Will or a Trust) then the state Statute governing Probate says where your assets go. This is called “intestate”, meaning you passed away without a Will, and this process can be a nightmare for the person tasked with settling your affairs, even for a “simple” estate. Having a Will makes the Probate process much easier. If you have a Will then the Probate Court does not have to get so involved with deciding where your assets go. The process in South Carolina generally takes at least a year before it is complete. While it is not overly complicated it can be a very difficult process for the person in charge of administering the estate. Having a trusted attorney to counsel you through the process and ensure everything is filed correctly can be incredibly beneficial and help take some of the burden off of the Personal Representative.