Dying without a will complicate your families’ life and could cost them a lot of money. When you die without a will this is called dying intestate.
The intestacy statute determines who receives your property when you die without a will. For example, in South Carolina: If you are married and have three children, half of your property goes to your spouse and the other half is split equally amongst your children. If your wife wishes to sell the home and your children are minors, a guardian ad litem would have to be appointed for each child to ensure they receive their portion of the value of the home.
Or if your children are over 18 years old, they could force your spouse to sell the home to give her their share of the house. Believe me, this happens!! Failure to have a will in place can produce unnecessary expenses and complications for your spouse. Just think, all of this can be avoided if you had a will.
A will is a traditional legal document that can help you distribute your assets to most benefit your family. You can help ease strain on family relations by leaving instructions on how personal property is to be divided as well. At Toussaint Law Firm, we can walk you through the planning process and insure that you review all parts of your estate plan. We can help you with all of your needs and you’ll even receive a free consultation! And if you are concerned about your assets being taxed, there is no need to worry. There is no estate tax in South Carolina and the federal estate tax was recently raised. In an upcoming blog post we will discuss the cost of probate in South Carolina and how your estate is taxed.