Understanding Estate Planning: A Conversation with Bill Tucker in Aiken
If you happened to be around Newberry Hall in Aiken on November 18, you might have encountered a lively discussion about something that might not get enough attention—estate planning. Local attorney Bill Tucker took center stage, enlightening the members of the Rotary Club of Aiken on the common myths that swirl around the issue of estate planning. Spoiler alert: if you’ve ever thought, “I don’t have an estate,” or believed the state takes everything if you die without a will, you might want to rethink those notions.
Breaking Down the Myths
Tucker, who is a partner at Hull Barrett law firm, took it upon himself to dispel these long-held misconceptions. His straightforward approach was refreshing. “I have so many people come in with such preconceived notions,” he stated emphatically. He then shared a truth that may surprise many: “The fact of the matter is that everybody has got an estate unless you live under a rock.”
That’s right! If you own a house, a car, or even a bank account, congratulations! You have an estate. The term “estate” is just a fancy word for everything you own, whether it’s a set of golf clubs or a life insurance policy.
The Danger of Assumptions
Tucker also tackled the idea that the state of South Carolina swoops in to take everything if someone passes away without a will. He referred to this misconception as an “old wives’ tale.” Instead, the state uses a process called intestate succession to determine who your heirs are and how your assets will be divided among them. He quipped, “I would suggest to you that is probably not the way you would want to do it, if you had a choice,” emphasizing the importance of creating a will or a living trust.
Getting the Right Documents in Place
But wait, there’s more! Tucker didn’t stop at just discussing wills and trusts. He highlighted the need for additional important documents to really round out your estate planning. The first one he mentioned is a general durable power of attorney. This document is crucial because it appoints someone to act on your behalf if you are ever incapacitated—that means paying your bills and filing taxes while you’re out of commission.
Next up on Tucker’s list was the health care power of attorney, which addresses those sensitive decisions regarding your health. In South Carolina, it’s a stand-alone document, unlike in Georgia where it’s combined with a living will. “The health care power of attorney is a limited power of attorney limited only to health care decisions,” he explained. “And that only comes into play at a time when a medical provider decides you are not able to participate in making decisions.”
The Living Will
Then there’s the living will, which Tucker described as a declaration of your desire for a natural death. It kicks in when you’re deemed terminally ill or incapacitated without hope of recovery. “In that regard, you are saying, ‘I don’t want to be kept alive by extraordinary means, but I want to be comfortable,’” he declared.
Finding Your Personal Comfort Zone
Tucker was clear that not everyone wants a living will or health care power of attorney, and that’s perfectly okay! When asked what he would choose, he mentioned he would probably go for the health care power of attorney because that’s an “action thing.” Meanwhile, the living will is more philosophical. The choice really comes down to what you are most comfortable with.
So there you have it, Aiken! Whether you’re just starting your estate planning journey or you’ve been putting it off, it’s essential to understand the facts. Getting informed is the first step toward making sure your wishes are carried out the way you want. After all, isn’t that what we all want for ourselves and our loved ones?
