How To Set Up a Will in South Carolina

We all know that we should set up a will, but it can be difficult to get started. Contemplating your own passing is never a pleasant thought. Also, the necessary research, choosing the correct type of will that suits your needs, designating heirs, and calculating distribution schemes can be overwhelming.

This guide from our estate planning firm in Myrtle Beach will walk you through the process of estate planning more generally. If you have any questions, and you reside in SC or NC, please give us a call. We would be happy to help.

Requirements for Setting Up a Will

If you are considering creating a will in South Carolina, there are a few legal requirements to keep in mind. The person creating the will, also known as the testator, must be at least 18 years of age and mentally capable of understanding what they are signing and who they’re leaving their assets to. The will must be signed in writing by the testator and witnessed by two people who are not beneficiaries under the will.

A skilled estate planning attorney can guide you through your specific needs, ensure your will is legally sound, and help with more complex issues such as tax planning and asset protection. Additionally, an estate planning attorney can assist in making sure the will contains essential provisions, and is executed correctly.

Why You Need a Will

Some people think that a will is unnecessary, but it is generally advantageous for your loved ones if you have one in place. A will can save your family time, money, and stress during the probate process, as it prevents disputes about how your estate will be handled. Without a will, the probate process can be drawn out and costly for your family, adding unnecessary challenges during an already difficult time.

Choosing an Executor

The executor is the person who will handle your property and personal belongings after your passing, and as such, you need to choose your executor carefully. The executor closes your bank accounts, manages your assets, and makes sure everything is distributed according to your wishes.

Caring for Your Children

If you have minor children, your will can name a guardian to take care of them if you and your spouse pass away. It can be critical for your children’s future to nominate a guardian in your will. Typically, if your spouse survives you, they will get custody, but naming a guardian provides a backup plan.

Preventing Family Disputes

A clearly written will reduces the likelihood of family disagreements over your estate; this should be one of your primary concerns, as countless families hold lifelong feuds over issues that arose after a family member’s death. Give your kids, spouse, and other family members the opportunity to live peacefully and without disagreement after you pass.

Caring for Pets

If you have pets, a will can help you plan for their care. You can designate someone to look after them and set aside funds for their well-being. Whether you want to designate a new owner or place the pet up for adoption, work with an estate planning attorney in Wilmington, NC or elsewhere to get plans in place.

Managing Digital Assets

Your will can also include instructions for managing your digital presence, like social media accounts, email, and online photos. You can name someone to handle these accounts after your passing, deciding whether to memorialize, close, or distribute digital content.

Types of Wills

There are several types of wills, each serving different purposes. Understanding which one suits your situation is crucial.

Simple Will

A simple will is the most basic type, perfect for those with straightforward estate plans. It allows you to specify how you want your assets distributed, name beneficiaries, appoint guardians for minor children, and designate an executor.

Testamentary Trust Will

A testamentary trust will create a trust after you pass to distribute assets to beneficiaries. This option is great for families with minor children or dependents who need ongoing financial support. You can include real estate, bank accounts, or valuable personal property.

Holographic and Nuncupative Wills

Though not commonly used, it’s helpful to know that holographic (handwritten) and nuncupative (spoken) wills are valid in some states. However, South Carolina only recognizes these if they were created in a state that allows them. Using such wills may complicate the probate process.

Self-Proving Will

In South Carolina, a will doesn’t need notarization to be valid, but doing so makes it self-proving. This means the court can accept it without needing to track down the witnesses. A self-proving will can streamline the probate process.

What to Know About Probate in SC

Many people worry about probate. Probate complexity can vary greatly based on the complexity of the estate. There are numerous filings, appraisals, and notices that need to be created during the process, but a more streamlined version of probate called an “Application for Collection of Personal Property” can be utilized if an estate is valued at less than $50,000. Throughout administration, the Probate Court oversees the distribution of assets and ensures all debts and taxes are paid. Not all assets go through probate. Retirement accounts with designated beneficiaries, life insurance policies, and assets held in trusts usually bypass probate.

If you don’t file a will with the Probate Court within 30 days of a person’s death, complications can arise. Having an estate planning attorney by your side makes the process smoother and avoids legal missteps.

Additional Estate Planning Considerations

Power of Attorney

A Power of Attorney (POA) lets someone make decisions on your behalf if you are unable. In South Carolina, the Uniform Power of Attorney Act governs these documents. The person you choose as your agent can manage healthcare decisions, financial matters, and personal affairs.

Guardianship

Do you have minor children or dependent adults? You should name a guardian in your will. This person will handle major decisions regarding their care, education, and well-being. If you fail to name a guardian, you often leave the decision to the courts. This may lead to costly legal battles.

Costs of Hiring an Estate Planning Attorney in South Carolina

Many people worry that setting up a will is expensive, but there are different pricing options available. While many attorneys bill hourly, which can cause costs to increase more than initially expected, we primarily utilize transparent flat fee billing arrangements so that you know exactly what your estate plan will cost when you leave your initial consultation.

Why Hire a Lawyer?

While it’s possible to create a will without an attorney, doing so can lead to errors or overlooked details that could cause problems later. Hiring a lawyer saves time and helps avoid mistakes that could lead to prolonged probate processes. Even a small error in a self-made will can lead to costly legal issues for your heirs.

Choosing the Right Attorney

Working with an attorney for wills who understands local law can make the process less stressful. Look for someone who is knowledgeable in estate law, trustworthy, and capable of representing your estate if disputes arise. Having the right attorney from the beginning can save your heirs frustration down the road.