Most people think a will keeps their family out of probate. It doesn’t. A will is a set of instructions for the probate judge. Your family still goes through court. That’s why a will is only half the estate plan.

Prince left no will. Aretha Franklin’s family found handwritten papers under her couch cushions. Both estates spent years in court. Your estate may be smaller, but the same problems can still show up for your family.

In this episode, Stewart Smith, LUTCF®, RICP® and Mitch Davies, CFP® keep estate planning simple. They explain what probate is and what happens in South Carolina when someone dies with no will. They also cover why a living revocable trust may be the easiest way to skip probate, and what that trust can’t do until you fund it.

Funding means moving your house and accounts into the trust.

In This ClearPath Retirement Radio Episode:
→ Probate: what it is and why a will doesn’t skip it
→ No will in South Carolina: why the state’s split may not be the one you’d choose
→ Waiting: why a house may sit tied up while the bills keep coming
→ Other states: why a second home may mean a second probate
→ Living revocable trust: what it is and why you keep control
→ Incapacity: who steps in if you can’t make your own decisions
→ Control: how a trust can pay out over time instead of all at once
→ Privacy: why probate is public and a trust is not
→ Who may not need a trust: accounts with named beneficiaries
→ Funding: why a trust does nothing until your house and accounts are in it
→ Pour-over will: the backup will built into the trust
→ Mortgage and insurance: the two phone calls to make first
→ Old wills: why a will that’s 22 years old may be a problem
→ Beneficiary review: the first step anyone can take this week

Timestamps:
→ [00:00] Prince Left No Will
→ [01:36] What “Estate” Really Means
→ [02:54] Who Gets What Without a Will
→ [05:59] A Will Doesn’t Skip Probate
→ [08:48] One Mountain House, Two Probates
→ [10:24] The Simple Fix
→ [13:44] Who Decides If You Can’t?
→ [15:51] Control Your Money After You’re Gone
→ [17:24] Probate Is Public. Trusts Aren’t.
→ [18:45] Do You Actually Need One?
→ [22:32] A Trust Does Nothing Until Funded
→ [24:37] Revocable vs. Irrevocable
→ [26:25] Mortgage? Call Your Insurer
→ [29:03] Is Your Will Too Old?
→ [32:26] Who Is Your Successor Trustee?
→ [34:48] Start With a Beneficiary Review

Taxes and estate planning go hand in hand. Our free virtual event on moving money to a Roth account is available here https://event.webinarjam.com/channel/clearpath

Ready to build your retirement plan?

ClearPath Retirement Planning, LLC helps retirees and pre-retirees in the SC area create tax-efficient strategies for retirement income.

📍 300 Executive Center Drive, Suite 104 | Greenville, SC 29615
📞 (864) 775-5033

Schedule your ClearPath Retirement Review today www.clearpathretirement.com

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Important Disclosure:

Investment advisory services offered through Alphastar Capital Management, LLC, a SEC-registered investment adviser. SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Fixed insurance products are offered through Clearpath Retirement Planning, LLC and Alphastar Capital Management is not involved in the offer, recommendation, sale or management of commission-based fixed Insurance products. Alphastar Capital Management and Clearpath Retirement Planning, LLC are separate ...