Unpacking Common Estate Planning Misunderstandings

By Natasha Hanna • 02/18/2026

Estate planning isn’t just for the wealthy or the elderly, but in Myrtle Beach, SC, a lot of families still treat it like a “someday” project. Between confusing legal terms, scary myths, and “advice” from friends or social media, it’s easy to misunderstand what estate planning actually is—and what happens if you don’t do it.

Below, we’ll unpack some of the most common estate planning misunderstandings Myrtle Beach residents run into, and how a thoughtful plan can help protect your family, your home, and your peace of mind.

Misunderstanding #1: “I Don’t Have Enough Money or Property to Need an Estate Plan”

Many Myrtle Beach families assume estate planning is only for people with vacation homes, huge investment accounts, or complex businesses. In reality, if you own anything or have anyone you care about, you have an “estate”—and that estate will be handled one way or another when you’re gone.

Even if you just have:

A primary home or condo in Myrtle Beach or Horry County
A car, boat, or golf cart
Checking and savings accounts
Retirement accounts (401(k), IRA)
Life insurance
Personal belongings and family heirlooms

…you benefit from having a will and basic estate planning documents. Without them, South Carolina laws decide who gets what—not you.

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Misunderstanding #2: “I Have a Will—So I’m All Set”

A will is important, but it’s not your entire estate plan.

A solid Myrtle Beach estate planning plan usually includes:

Last Will and Testament – Who gets what, and who is in charge of your estate.
Durable Financial Power of Attorney – Who can handle your finances if you’re alive but unable to manage your own affairs.
Healthcare Power of Attorney & Advance Directive – Who makes medical decisions for you and what kind of care you want.
Beneficiary Designations – On life insurance, retirement accounts, etc., which can override what your will says.
Possibly a Revocable Living Trust – Especially helpful for some families to avoid probate and manage property smoothly.

If you only have a simple will from years ago, it may be outdated or incomplete for your current situation in coastal South Carolina.

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Misunderstanding #3: “If I Don’t Have a Will, Everything Automatically Goes to My Spouse”

This is one of the biggest and most dangerous myths.

If you pass away without a will (called “intestate”), South Carolina law has a default formula that decides who inherits. That formula might not match what you want—especially if you’re:

Married with children
In a second marriage
Unmarried but in a long-term relationship
A blended family with kids from prior relationships

Your spouse may have to share your estate with your children or other relatives, and a judge who has never met your family will apply the rules. That can cause:

Delays
Extra stress
Potential conflict between family members

Creating a customized South Carolina estate plan lets you decide who inherits, not a statute.

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Misunderstanding #4: “A Trust Is Only for the Very Wealthy”

Trusts often sound intimidating—like something only celebrities and billionaires use. In reality, a revocable living trust can be a very practical tool for many Myrtle Beach families, even with modest estates.

A properly set-up and funded living trust can help:

Simplify or avoid probate for assets titled in the trust’s name
Keep your estate affairs more private
Provide a clear plan if you become incapacitated
Allow for continued management of property for children, grandchildren, or loved ones who need extra support

This can be especially helpful if you own:

Real estate in South Carolina, including a Myrtle Beach home or condo
Property in more than one state
Rental property or a small business

Not everyone needs a trust—but many people who could benefit from one assume they don’t.

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Misunderstanding #5: “If I Add My Kids’ Names to My Property, That’s an Estate Plan”

Some people try to “DIY” an estate plan by simply adding children as joint owners on:

Bank accounts
Deeds to their Myrtle Beach home
Vehicle titles

While this may seem simple, it can create big problems:

Your child’s creditors or ex-spouse could come after that jointly owned asset.
You may unintentionally disinherit other children or beneficiaries.
There can be tax consequences or complications if the home is sold.
It can interfere with Medicaid planning if long-term care becomes necessary.

Instead of quick fixes, it’s usually safer to use:

Properly drafted wills and trusts
Transfer-on-death (TOD) or payable-on-death (POD) designations where appropriate
A coordinated plan that matches your goals and South Carolina law.

Misunderstanding #6: “My Family Knows What I Want—They’ll Just Work It Out”

Verbal promises like “the beach condo goes to you” or “we’ll split everything fairly” don’t carry legal weight.

When there are no clear written instructions:

The loudest voice or most persistent relative may win.
Old tensions can surface—especially during a time of grief.
The “fair” solution may look very different to each person.

A well-drafted Myrtle Beach estate plan:

Spells out who gets what
Names who’s in charge (personal representative/executor, trustee, agents under power of attorney)
Can address special situations (a child with special needs, a family business, a vacation property, sentimental items, etc.)

Documenting your wishes is one of the kindest things you can do for your family.

Misunderstanding #7: “Estate Planning Is a One-Time Project I Can Forget About”

Life in Myrtle Beach doesn’t stay the same—neither should your estate plan.

You should revisit your plan when:

You move (including into or out of South Carolina)
You get married, divorced, or remarried
You have a child or grandchild
Your finances change significantly (new business, inheritance, selling a property, etc.)
A person you named as a guardian, executor, trustee, or agent is no longer appropriate

Think of estate planning as an ongoing part of your financial and family planning, especially as your life evolves along the Grand Strand.

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How a Myrtle Beach Estate Planning Attorney Can Help

Online forms and generic templates don’t know:

South Carolina’s specific laws
Your family’s dynamics
Your priorities for your home, retirement accounts, or small business

Working with a Myrtle Beach estate planning lawyer can help you:

Understand which documents you actually need (will, trust, powers of attorney, advance directive, etc.)
Coordinate your beneficiary designations with your overall plan
Design a strategy to help protect your spouse, children, or other loved ones
Update older documents so they reflect your current life and current South Carolina law

Final Thoughts for Myrtle Beach, SC Residents

Estate planning isn’t about being morbid—it’s about being prepared. Whether you’re a young family just starting out in Myrtle Beach, a retiree enjoying coastal life, or somewhere in between, clearing up these misunderstandings can make a huge difference.

A thoughtful South Carolina estate plan lets you:

Stay in control of your property and your wishes
Reduce stress and conflict for your family
Protect the people and causes that matter most to you

If you’re in Myrtle Beach and have been putting off estate planning because of one of these myths, consider this your sign to take the next step and get real, personalized guidance.

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