Many people wrongly assume estate planning is only necessary for individuals who are extremely wealthy or own significant Assets, but the truth remains that every person should invest time in basic estate planning concepts, such as preparing a basic will. When you know that you do not currently have a will but need to draft one, contact an experienced estate planning attorney in Charleston.

Dying without a will is known as intestacy, and Intestate Succession Laws in South Carolina dictate that if a person dies without a will and:

• Has a spouse but no descendants, the spouse inherits everything
• Has children but no spouse, the children inherit everything
• Has a spouse and descendants, the spouse gets half and the descendants get the other half
• Has parents but no spouse or descendants, the parents inherit everything
• Has siblings but no spouse, descendants, or parents, the siblings inherit everything

Dying without a will also leave inheritance matters to a probate court, which can be long and stressful proceedings for all pirates involved. You will also want a will when you have specific desires relating to which Children, siblings, or parents specifically should be inheriting your assets.

Reasons You Need a Will

There are several reasons why you will want to prepare a will. Some of the most common include:

• The will protects your family — You want to ensure that your hard-earned money, assets, and belongings pass to the benefit of the people you love and trust. The will protects your family and also provides transparency about how your assets should be managed and allotted. Some cases involve benefits assigned to children who are of minor age, and parents have to decide on legal guardians as well as when benefits will be provided when children are of legal age.

• Avoid unnecessary processes that can cause delays — Certain assets that do not go through your will are not affected by intestate succession laws. This may include property you transferred to a living trust, life insurance proceeds, funds in an individual retirement arrangement (IRA), 401(k), or other retirement account, securities held in a transfer-on-death account, payable-on-death bank accounts, or property you own with another party in joint tenancy.

• Avoid familial disputes — Dying without a will can very much open families to lingering hostility about how assets should be transferred. When you provide a will, you can help your family avoid these kinds of issues.

• Save your family time and money — Virtually all holdings will need to pass on through a probate court to start legal processes. If a person does not leave a will, this process can mean a court having to name a personal representative to administer and manage the process, which can be incredibly time-consuming, expensive, and possibly argumentative for the family members who are involved. Dying with a will can streamline the process and avoid a problematic experience.

• You choose the administrator — You will get to make the choice about who should manage your assets, and this is one of the most important reasons to write a will. The executor will have several responsibilities, ranging from closing bank accounts to liquidating assets, and you will want to select somebody you can trust to responsibly manage everything. When you do not name this party, then a court will choose one for you.

• Decide on the allocation of your assets and property — As the testator, you will get to name the people who will be the beneficiaries of your assets. Your executor becomes responsible for distributing these assets, and your will ensures that people do not receive any of your belongings or assets you do not want them to receive. This becomes especially important for people with ex-spouses who want to be kept away from money while also making sure children are adequately cared for.

• Name your guardian — When a person writes a will and either dies or becomes otherwise incapacitated, their will can be important in determining who will care for that person’s minor children. The guardian will oversee your children and care for them as though they were their own, but dying without a will leaves the appointment of a guardian to a court, which might select somebody you strongly oppose.

• Pet concerns — There is no shortage of people who absolutely adore their dogs, cats, or other pets, and your will can name a person to care for these animals. While you cannot bestow any property to your pet, you can name a person to be responsible for their well-being.

• Remembering your digital assets — You may have an active interest in social media, and a will can stipulate who will take over your accounts after you pass.

• Charitable causes— It is possible that you might have certain charities that you want your wealth to be passed on to, and your will can specify the charitable organizations you want to support after you pass.

• Protect your own mental health — You may have strong feelings about how you want your funeral to be handled, or you might have other final wishes that are important to you. When you write a will, you are going to achieve peace of mind so you can comfortably know that your desires have been documented and should be carried out upon your passing.

Call a Real Estate Attorney

Did you need help crafting a will in South Carolina? Weeks and Irvine, LLC is ready and able to walk you through the entire process, so you do not have to handle anything by yourself.

MARK W. WEEKS

Mark W. Weeks was born and raised in Charleston, SC. He received his bachelor’s degree in Business Administration from Newberry College and his law degree from the Oklahoma City University School of Law. He founded Weeks & Irvine in 2010.

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