South Carolina Inheritance Laws: What You Should Know
The South Carolina Bar reports that 55% of South Carolinians do not have a will, and this lack of estate planning documents often causes confusion and family strife. Although you can avoid probate by naming beneficiaries on your accounts, it may not be enough as it won’t apply to all of your assets. While South Carolina inheritance laws do recognize adopted children as equal to biological children, stepchildren and foster children do not automatically inherit unless they are legally adopted. From determining the distribution of assets in the absence of a will to the specific rights granted to spouses and children, there are many things you need to know about South Carolina’s inheritance law that can secure your estate’s future. Many people often ask, “Is putting my house in trust a good idea?” Well, the short answer is yes but there are pros and cons that you might need to look out for to determine if this is the right move. One of the pros is putting your house in trust, so you can avoid probate but what about the cons? Putting your house in trust is a complex process that often takes a long time. That’s why so many…