Why You Need a Will, Even if You’re Young and Healthy
A will contains provisions for how your assets will be distributed to beneficiaries upon your death. Although many people associate creating a will with getting older, it is often best to draft a will once you reach 18 to ensure that your property is protected. If you have any questions regarding developing a will or a comprehensive estate plan, our estate planning lawyers in Summerville, SC, are more than happy to assist you.
Guardianship of Minor Children
Our children mean the world to us, which is why we must ensure that they are protected. This especially holds in the event of our untimely passing. By creating a will, you have the power to appoint a guardian for minor children. If you pass without appointing a guardian, your child may be put in the middle of a lengthy custody battle between relatives.
To Name Who You Want in Charge of Your Estate
By preparing a Last Will & Testament, you have the authority to appoint someone to manage your estate. This person is known as a personal representative. The personal representative will be responsible for organizing and valuing the estate’s assets, paying debts, and distributing property to heirs or beneficiaries. Even though the appointment of the personal representative is subject to court approval, the person named in the will is given priority.
Personal Control Over Who Receives Your Property
If you die without a will (known as intestacy), South Carolina’s default inheritance laws will be triggered. Property will be automatically distributed based on the laws of intestacy, as dictated by SC Code §62-2-101 et seq. There is a priority order: your spouse receives 100% of your estate if you have no children. If you have children, they will share 50%, and your spouse will receive the other 50%. Other distributions apply depending on family structure. By creating a will, you will also have control over how specific property is distributed to heirs. Heirs do not have to be blood-related, so you can specify if you want your grandmother’s Russian tea set to go to your best friend.
To Streamline the Probate Process
Probate is the process by which the court approves a person’s will, and assets are distributed according to their wishes. By executing a will, you make your intentions clear, avoiding potential conflict between family members. Moreover, having a will can expedite the probate process, allowing your family to focus on your legacy rather than the legalities. Alternatively, dying intestate comes with higher probate expenses, requiring more court involvement to settle your estate.
Peace of Mind
In the aftermath of a loved one’s death, family members are often in a state of grief, unable to think clearly. A well-crafted Last Will & Testament ensures that your family members know your wishes, preventing them from second-guessing themselves. Simply telling someone your wishes will not suffice; it must be in writing. There is no substitute for affording your family peace of mind. Thankfully, our Summerville wills attorneys are ready to assist you in the process.
Ready to Begin? Speak with Our Summerville Wills Lawyers
Although nobody wants to think about death, you need to make your wishes known to your family. Certain life events, such as getting married, having a child, or getting divorced, warrant drafting or reviewing your estate plan. If you are ready to discuss drafting a Last Will & Testament, our Summerville wills attorneys are eager to get started. To arrange your free consultation with one of our lawyers, contact Gil Gatch Law online or by calling (843) 800-2020.