What Happens if You Don’t Have a Will?
Dying without a Last Will and Testament (commonly known as dying “intestate”) means that you will forfeit certain control over how your property is distributed after you have passed. Instead, your property will be distributed according to state statute. In South Carolina, the Probate Court has jurisdiction over the probate estate. Many married people with or without children often think that not having a will is nothing to be concerned about, since they would leave everything to their surviving spouse or their children anyway. A number of individuals think that they may not have enough assets enough to warrant having a last will and testament.
However, there are issues and potential problems to consider with dying intestate. For example, in South Carolina, dying without a will means that only half of your probate estate passes to your surviving spouse. The other half of your estate passes to your biological children, or their children if a child had predeceased you. This could lead to the situation where a minor children under the age of 18 would inherit property. In that case, a guardian would be appointed for them for the portion of your estate that passes to them. This could result in substantial expense and delays. You may be in a situation where perhaps you even have a child children that you do not wish to inherit from your will. The idea that “Everything will just go to my spouse” does not necessarily apply here in South Carolina.
There’s More At Stake Than Finances
Another potential problem with dying with minor children could occur in relation to the custody of your children. Child custody does have to be determined by a South Carolina Family Court. An advantage in having a valid will is that you can name a testamentary guardian, who is the individual you would like to act as your children’s guardian. This helps the court in making their determination about child custody.
Investing In a Will Now Can Save You Money Later
The relatively inexpensive option of having an attorney prepare your will can save you and your surviving family members money down the road as well. Perhaps the will you decided to make yourself contains an ambiguity in it. In the event that were to happen, court intervention would have to be sought for a Probate Judge to make a decision regarding that ambiguity. Having your family hire an attorney to request the court to interpret such provisions after you pass away is substantially more expensive than just having an attorney prepare the will in the first place.
There could also be in-fighting among your family members. This can often be as simple as which family member becomes the executor or personal representative of the estate. Generally speaking, thinking that your family would never run into such an issue is risky. It can be especially dangerous in just assuming that all aspects of distributing your estate will go smoothly since everyone in your family seems to be getting along at the moment. Having a valid will ensures your ability dictate control of your property and create the best scenario for your estate to be a smooth transition.
These issues and problems are found regardless of your net worth or the size of your estate. At the very least, paying for a simple will can help save your surviving family members substantial time and expense.
How We Can Help
If you have any further questions or if you would like to discuss your estate plan. That could include drafting a Last Will and Testament, preparing a Revocable Trust, or executing a financial and healthcare powers of attorney. The McCord Law Firm, LLC is here to make your estate transition to your heirs as smoothly as possible . We understand that every family has different estate planning needs, and we want to help you discover your best path forward and ensure your family’s protection.