When you pass away, what will your spouse or children receive? Planning for your death helps ensure your loved ones receive the assets they need for financial stability and safety. A last will and testament, sometimes shortened to ‘will,’ lists out which of your assets goes to whom. With a will, you can:
Securing your family’s future ensures that even after you pass away, they'll at least have a house and money to support them. You can distribute everything from stocks, bonds, real estate, and bank accounts to your family. This ensures that your loved ones will have a roof over their heads, food on their plates, and enough cash to tide them over during this rough period of their lives.
The laws for wills vary from state to state. According to South Carolina intestacy law, the state will distribute your property to your closest relatives if you pass away without a will.
If you have a spouse and children, then the state will pass your assets onto them. In the case that you don't have a spouse or children, your property will pass on to your grandchildren or parents. If you don’t have either of those, then the assets go to the next distant relative, and so on until we reach the very edges of your family tree.
In rare cases where you have no living relatives by blood or marriage, the state will take your assets for its own.
Setting up plans for your death is always a good idea, but you can also make arrangements for your end-of-life care. Healthcare POA gives a trusted partner the power to make your medical decisions when necessary. You can also dictate what treatments you want and don’t want in your end-of-life care. Healthcare POA applies to any medical condition, not just a terminal illness.
To ensure your healthcare meets your needs, set up a healthcare POA with our law firm today.
Like a healthcare POA, a durable financial POA appoints someone to take care of your financial needs when necessary. Your chosen agent can have the power to manage assets, bank accounts, pay bills, and sell and acquire assets. Before your agent takes over, you can dictate what powers your agent has over your finances.
Because your agent will have significant power over your money, we recommend that you only appoint someone who you deeply trust and who has your best interests at heart.