Establishing a last will and testament is a significant and crucial step in the estate planning process. At Grand Strand Law Group, LLC, we are ready to help you understand what type is best suited to your needs and will help you achieve your goals. Whether you wish to protect your assets from tax consequences, provide for the care of your minor children or ensure that your property is properly passed down to your loved ones, we can assist you.
- Stand-alone/complex will: A will that specifies how to divide your assets and property and who will administer it. It quite often provides for the creation of a testamentary trust to facilitate the distribution of assets.
- Simple will: A will that specifies the basics: distribution of assets, names a guardian for a minor and names an executor/personal representative.
- Pour-over will: A will that works in conjunction with a living trust. It provides for a transfer of assets to a trust through a trustee to be distributed as directed in the living revocable trust upon the death of the executor (the person who established the will). It may also name guardians for minor children.
If a person passes away without a will or trust, the court will consider the person to have passed away intestate. His or her assets will be distributed according to the laws of the state in which he or she passed. With the help of Attorney Angie D. Knight, you can ensure that your loved ones are provided for according to your wishes. Ms. Knight will ask many questions regarding your current financial and family situation. These include the total value of your assets, who you want to receive your assets, if you want them to receive those assets immediately at your passing or over time, who you want to distribute those assets on your behalf, and, if you have children under the age of eighteen (18), who you want to care for the children.
Whether you are bringing us an existing will to update or just starting to build an estate plan, we will take the time to explain, draft and double-check every technical component of your will to make sure it complies with current South Carolina law. There are detailed rules governing the execution of a will and we will assist you in understanding these formalities. For instance, under the current code, a person who has a will can also execute a separate document in their own handwriting that describes different items of tangible, personal property and who specifically each piece should go to after their death. This list should be signed and dated, but does not have to be witnessed. Having the ability to leave a tangible personal property list eliminates the need to constantly update your Will. However, we are always available to revisit a will and make adjustments as your life changes, including changing beneficiaries or naming a new personal representative if you get divorced.