Estate Planning in South Carolina

Making plans for your estate after you pass away may seem unpleasant to some, but it is actually the best thing you can do for your loved ones. It is one less thing they will have to deal with during a difficult time. Estate planning is not just for the wealthy; people of all financial means should have a will, trust, or power of attorney in place written up by an attorney who specializes in estate planning.

Simply put, a will is a legal document that states your wishes for all of your assets and for the care of your minor children, if applicable. This is why it is so incredibly important for parents to create a will, even if they do not have any assets, so they can determine who will be their children’s legal guardians. To hold up in court, wills should be signed by witnesses and created by an attorney.

Some assets are not addresses in wills. These include retirement accounts, community property, life insurance policy payouts, and investment accounts that are set up as joint tenancy with rights of survivorship. Most of these assets have built in components that state where the money will go if the main policyholder dies. For example, Individual Retirement Accounts (IRA) are set up so the owner must declare beneficiaries.

A living will is quite different. It is a document that states what your wishes are if you were to become incapacitated or kept on life support. Some people are adamant about what their care should be if they can no longer express their wishes; that is why they should have a living will.

If you die without a will, you are said to die “intestate.” The state will then oversee the distribution of your assets. The general formula is for half the assets to go to your spouse and the other half to be divided among your children, if applicable. In some cases, the state will sell your house, even if it is against your spouse’s wishes. It is extremely important for everyone of sound mind to have a will or other estate planning in place.