Are you planning on leaving all assets to your surviving spouse upon death?
If so, make sure you have a valid and updated South Carolina will. Passing without a will in South Carolina results in what is called intestate succession. This is the probate process used to pay off estate creditors and distribute property. This process is completely controlled by State law.
Under SC law (SECTION 62-2-102) a decedent’s (person who passed away) property is disposed of to his or her heirs at law. If that person was married without issue (kids) all property will transfer to surviving spouse. However, if there are issues of the decedent’s one half the estate will go to surviving spouse and one half of the remaining estate will go to surviving issue.
Therefore, if you have children and intend to leave all assets to your spouse upon death you must have a will or trust to specifically address this issue. Otherwise the state will split property ½ to spouse and ½ to issue. Contact us for more details.