Estate planning often brings to mind wills, trusts, and powers of attorney. While these documents form the backbone of a comprehensive plan, there's another, often overlooked, layer of protection that can significantly impact how your assets are distributed: beneficiary designations. In South Carolina, understanding and properly managing these designations is not just a convenience; it's a critical component of ensuring your legacy is handled precisely as you intend, often bypassing the complexities and costs of probate. Beneficiary designations are essentially contracts you make with financial institutions or insurance companies, dictating who receives your assets upon your death. Unlike a will, which typically guides assets through the probate court system, these designations allow specific assets to transfer directly to your named beneficiaries outside of probate. This direct transfer offers several distinct advantages, particularly in South Carolina's legal l...
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