Wills and Estates Surfside Beach SC

Regardless of how much you have to pass on to your loved ones, you can benefit from developing a strong estate plan. You may include a will, trusts, and relevant powers of attorney. Writing a clear will regarding your estate can lessen your family’s burden and reduce arguments during an already stressful time after your death. An estate plan can be a final gift to those you love.

Turn to the experienced team at Indigo Family Law when you need help understanding wills and estates in Surfside Beach, SC. Our estate planning lawyers are ready to review your situation and create a tailored solution to your estate planning needs. Arrange a consultation today and rest easy knowing you are taking the right step.

Trust Indigo Family Law’s Compassion and Experience

Lawyers often have a reputation for being no-nonsense and uncaring. Nothing could be further from the truth when you partner with founding attorneys Brana Williams and Ryan Stampfle. They have built a law firm showcasing a powerful team of professionals who are dedicated to your well-being and peace of mind.

We have lived through many of the same circumstances as our clients, giving us a better insight into what you may be feeling as you face uncomfortable matters. No one enjoys thinking about leaving this world, but we can lead you through the process with honesty and knowledge. We offer the following promises:

We always call you back and will not leave you wondering what is going on with your case.
We speak plainly and with integrity instead of overwhelming you with legal jargon.
We are available for your questions whenever you need us.
We believe in building relationships, not just managing cases.

You are more than just a single job for us, and we work to keep you coming back whenever you need help with a family law issue. We help you update your will and estate plan whenever life brings new changes, such as marriage, divorce, adoption, and other events.

We Take the Mystery Out of South Carolina Estate Laws for You

As in most states, South Carolina allows you to create a will, but has intestacy laws in the event you do not before you pass away. Dying without a will means that the state decides who gets your assets, which may or may not align with your wishes. Fortunately, your Surfside Beach wills and estates attorney can help you create a plan that distributes your property as you want.

Under South Carolina Code of Law § 62-2-202, everything you own is part of your estate, minus any funeral costs and claims against your assets. While it is possible to completely bypass Horry County Probate Court in some cases, your family may still need to file with the court after you die. The typical order of inheritance is as follows:

Spouse receives everything if there are no living children
Spouse receives half, and children divide the remaining half
Parents of the deceased receive everything if there is no spouse or children
Siblings of the deceased divide everything if there are no surviving spouse, children, or parents

If you leave behind less than $25,000 in assets, your personal representative (PR) can complete the Small Estates Administration Process, which allows them to close the estate within 30 days. If you leave any property that is not in your will or a trust, your PR must present an inventory to the court and follow the process for transferring it.

Why Everyone Needs a Will and an Estate Plan

The word “estate” often brings to mind the idea of a grand house, lots of cars, and loads of money in the bank. However, everyone can benefit from an estate plan since the main purpose is to record exactly what you want to happen to what you are leaving behind. With the right estate instruments, you can protect your loved ones from unnecessary tax obligations, money-hungry creditors, and worry about what they will receive.

Your will is the first step, because it allows you to designate who will get your home, vehicle, funds, and other items. You can divide things as you see fit, especially if you think some of your heirs may struggle to manage finances or property. You can leave special mementos to grandchildren or friends.

The critical part is writing a will and associated documents so they are legally binding and hard to contest. Anyone can bring a legal challenge to your will if they choose, but they will find it more difficult with a well-crafted estate plan. This requires working with a deeply experienced wills and estate attorney in Surfside Beach, SC and updating your will regularly.

Types of Estate Documents You May Need

More than just a will, an estate plan includes various instruments that allow you to have full control over your funds and property. Here is a list of tools your estate lawyer may recommend:

Wills

There are different types of wills:

Last Will and Testament: Most people are familiar with the concept of a last will and testament, which your PR follows to execute your estate and final wishes. You can explain what you want done with everything you own, who will be a guardian to your children and pets, and how your funeral should proceed. You can create a simple will for yourself or a joint will as a married couple.
A Living Will: A living will or advance directive goes into effect while you are still alive, in the event you are legally incapacitated. Your proxy will follow your instructions and advise the doctors on the type of treatment you want, such as resuscitation or life support. Once you either recover or die, the living will is no longer in effect.
A Testamentary Trust Will: A final type of will is a testamentary trust will, which creates a trust upon your death for each beneficiary. This is commonly used for minor children, and you designate a trustee who will manage the trust and distribute the assets. Testamentary trusts transfer property and funds to your heirs without the need for probate court.

Trusts

When you rely on only a will, your estate will still need to go through probate court. You can avoid this if you create trusts to store your funds and assets instead. The trust is a separate legal entity, so its assets transfer immediately to its beneficiaries, protected from probate.

Your Indigo Family Law wills and estates attorney in Surfside Beach, SC, can help you establish the following types of trusts:

Revocable Living Trusts: A revocable trust gives you control over your assets during your lifetime, and you can even revoke (end) the trust if needed while you are alive. When you die, the trust passes to your heirs.
Special Needs Trusts: For minor or adult children with special needs, special needs trusts provide funds to supplement their disability benefits. Protect loved ones who receive disability benefits.
Irrevocable Trusts: These are commonly used to minimize tax obligations for the estate and its beneficiaries.

Trusts are very useful if you have children from a previous relationship and wish to protect their inheritance. You can clearly state who receives what, dividing the assets among those children and any from your marriage at the time of your death. Our lawyers will fully assess what instruments work best for your needs.

Powers of Attorney

You will also need documents that state your wishes prior to death if you are incapacitated. The most common are a power of attorney (POA) for your finances and one for your healthcare. Your financial POA allows a trusted individual to handle your finances on your behalf, which is useful if you develop a disease that affects your cognitive function. This limits arguments among family members, who may need to go to court to get conservatorship over your holdings.

Your living will (mentioned above) outlines your wishes for healthcare, but the power of attorney names the person who can make those decisions. Family members may want to take heroic measures to keep you with them, but your healthcare POA can strongly express whether you want to fight or let go in certain situations. The choice is up to you, and this document can lessen their burden at a critical time.

What to Expect During the Probate Process

In most situations, your estate will pass through probate so the state can assess the value of your property and oversee its transfer to new owners. This process also allows the state to reassess the taxable value and recover any outstanding taxes before the will administrator or PR closes the estate. Although each estate will be different, here is the general probate process in South Carolina:

PR Appointment: The person you name in your will as PR must file to receive official recognition in this role. If you did not name someone, your spouse or next of kin can file for the position.
Open a Probate Case: The PR must file specific documentation with the Horry County Probate Court, including an asset inventory and a list of beneficiaries.
Notifications: The PR must publish notifications so anyone with a claim against the estate, such as creditors, has the opportunity to submit their claim. The PR must also notify credit card companies, mortgagors, and the Social Security Administration of your death.
Prepare Assets: Your PR should have all assets formally valued at the start and end of the probate process for tax purposes.
Inventory Liabilities: The PR will calculate all debts and liabilities that they pay prior to distributing any property or funds. If necessary, the PR can sell assets to settle outstanding debts.
Manage Assets: The PR must also maintain properties and assets, such as paying utilities, mortgages, taxes, and keeping items safe. This may include installing security on an empty home or garaging vehicles until the estate closes.
Distribute Assets: After clearing any remaining debts, the PR must distribute assets according to your will.
Close the Estate: The PR will file a final tax return for you as an individual and one for your estate taxes, then complete the closure process with the probate court.

Generally, this process lasts between 8 and 12 months, although it depends on the amount of assets and the complexity of the estate. By using trusts and other instruments, you can keep much of your property out of the probate court, speeding its distribution to your loved ones.

Potential Issues if You Do Not Work With an Estate Planning Attorney

There are many online sources for creating a will quickly without an attorney, so you may wonder why you shouldn’t go that route instead of taking time to speak with a family law professional. The truth is, those sites are not always current on state laws, which have several requirements for a last will to be legal.

If you do not work with a wills and estate lawyer in Surfside Beach, you could necessarily overlook criteria such as:

You must be at least 18 years old.
You must possess the mental capacity to understand the will’s purpose.
You must comprehend your assets and who will inherit them.
Your will must be in writing and preferably typed.
You must sign your will and have signatures from 2 disinterested witnesses.

The witnesses are people who will not inherit from you, are not family members, and can testify that you signed your will. It is a good idea to notarize your will to strengthen its validity. Other good reasons for working with an experienced estate planning lawyer include their knowledge of the appropriate documents you will need, ways to reduce estate taxes, and when to update your estate plan.

Who and What Can You Include or Exclude in Your Will?

Many clients have questions about who and what they need to put in their last will. While you can write your will almost any way you see fit, South Carolina does not allow you to completely disown your spouse in a will. Even if you do not include their name or leave them anything, they have the right to ⅓ of whatever goes through probate.

You also do not have to include your children, but you should acknowledge them by name. Other than that, you mostly have the right to leave whatever you like to friends, family, or charitable organizations. There are seven things we recommend you include in your will:

A personal representative
Names of beneficiaries who will receive your assets
Alternate beneficiaries
How to divide your assets
How to allocate business assets
Any existing debts, taxes, and expenses
A guardian for your children

Many people also name a guardian for their pets and provide funds for their care.

Contact a Wills and Estates Lawyer in Surfside Beach, SC

Our wills and estates lawyers are ready to speak with you at your earliest convenience. Contact us to arrange a consultation and begin building your estate plan with Indigo Family Law today.