Dying without a will (or “intestate”) means that your estate assets will pass to your heirs, according to the intestacy laws of the state. Under the state’s intestacy provisions, if your spouse is alive and you had no children (with any person), your assets will pass to your spouse. In many states, if you had children, your surviving spouse would get half of the assets of the estate and the other half would be divided equally among your children. If you didn’t have a surviving spouse, your children would share equally in the estate.
The Aiken (SC) Standard’s recent article titled “Avoiding mistakes with your will” says that a critical point to remember is that only your spouse must survive in order to be an heir. Typically, if one of your children had died, their children would get their share.
Every state has specific requirements for what constitutes a legal will. For example, in South Carolina, a will has these requirements:
- The will must be in writing.
- The maker of the will (the testator) must be of sound mind.
- The maker of the will cannot be a minor.
- The will must be witnessed by two witnesses who were present when the testator signed the will and who also witnessed each other sign the document.
- The will must be notarized.
- The witnesses must not be beneficiaries of the will.
Since a will is so critical, you should employ the services of a qualified estate planning attorney. If you and your spouse already have a will prepared, it is important that these documents be reviewed periodically to make certain that your instructions are up to date and that your will recognizes any changes that have occurred in either federal or state law.
People frequently forget about including certain assets in their wills, like special collections of memorabilia or other treasures.
Be sure that you designate an executor to serve in this capacity who is well-organized, calm, and willing. You should typically name a person who’s younger than you and also name an alternate executor in case your primary choice is unable to serve.
If you have any minor children, you should name a guardian for those children. You can divide the duties of a guardian by naming one guardian to handle the children’s financial affairs and one to provide care for your children.
After your will is drafted, be certain you tell your family know where it’s kept and be sure that your will is in synch with other documents, like your life insurance policies and other benefits that will pass directly to beneficiaries named in those documents.
Reference: Aiken (SC) Standard )(March 22, 2020) “Avoiding mistakes with your will”