A will can be considered the starting point of a proper estate plan.
Top reasons to have a will in South Carolina
1. You get to decide who gets property.
Without a will property will pass using statutory rules. You will get no say in who gets what property or who is excluded from getting property upon death.
2. You choose who is the executor of your estate.
In a will you choose who will choose who will settle your estate and make sure it complies both with your will and the law.
3. A properly drafted will can help with tax planning.
It may set up trusts for beneficiaries or distribute property that will reduce t tax burdens on the estate upon death.
4. A Will may reduce probate administration costs.
A properly drafted will can reduce the cost of unneeded administration of the estate.
5. You can name suggested Guardians for minor children.
A parent or guardian can use a will to name someone to care for his or her child or an incapacitated adult in his or her will. The will acts as a suggestion to the court and the court is not legally bound to fully the wills terms if they fill the guardian is unfit to act as guardian. So you must carefully plan on whom you name as guardian.
6. You can make gifts to charities or gifts to people other than family members.
Without a will no charity or person other than immediate family members will be able to receive property or money from your estate.