What happens to my assets if I die without a will?
In South Carolina, if you die without a will, your assets will pass through a process called "intestate succession." This means that the state of South Carolina will decide how your assets will be distributed. Generally, your assets will first go to your surviving spouse and children. If there are no surviving children or spouse, then the assets will be divided among your surviving parents, siblings, or other relatives in accordance with state laws. Under South Carolina law, if you die without leaving a valid will, your assets will be distributed according to a set of predetermined rules. These rules may vary based on whether you were married or not, or if you had children or other descendants. Generally, your assets will be distributed from the closest relative in line to the furthest. If none of the above relatives survive you, the assets in your estate will go to the state of South Carolina. Consequently, it is important to create a will to ensure that your assets are distributed according to your wishes. An estate planning lawyer can help you create a comprehensive plan to ensure your assets are distributed in a way that best reflects your wishes.
Related FAQs
What is an estate freeze and how does it work?What is a living trust and how does it work?
What is a trust protector and what does it do?
Is estate planning expensive?
What is the purpose of estate planning?
Should I consider creating a trust for my pet?
How do I plan for disability or incapacity?
What is a funeral directive and why should I have one?
What are the benefits of establishing a family limited partnership?
How do I plan for a child or grandchild with special needs?
Related Blog Posts
Understanding Estate Planning Law: What You Need to Know - July 31, 2023Developing an Estate Plan: A Guide for Families - August 7, 2023
Tax Planning Strategies for Estate Planning Professionals - August 14, 2023
The Basics of Estate Distribution and Taxation - August 21, 2023
Exploring the Benefits of a Living Will - August 28, 2023