In a South Carolina Last Will, the testator typically also establishes a personal representative-or co-personal representatives (several persons acting jointly in this capacity) to handle the estate. A personal agent is an individual who collects all of the information about the decedent’s financial debt and possessions, pays off any remaining debts using the assets on behalf of the estate, and makes certain that the decedent’s property is distributed as described in the Will, so this is a duty with quite a bit of responsibility. The personal agent selected is generally a person the testator really counts on to conclude their last wishes.
In case someone dies without a valid South Carolina Will (which for most states implies it must be correctly witnessed, not only signed), somebody will usually be assigned by the court to be the personal agent and pay out the decedent’s financial debt, utilizing assets as required to do so. Consequently, the residual assets will be spread amongst the decedent’s beneficiaries in line with the laws of the state the decedent lived in.
In a few states, any time one spouse passes away leaving behind their significant other, that surviving spouse will end up with most of the decedent’s assets without a Will document declaring the contrary. Additionally, the decedent might have determined a certain individual to acquire a life insurance policy, retirement account, or some other asset, and that inheritor designation will ascertain who gets those assets without a Last Will and Testament.
The crucial thing to know is that any person who wants to specify the way in which their possessions will be used after their death should certainly complete and properly sign a Will to ensure their wishes are known and honored. Without getting a will, you could be leaving it up to chance, the laws of the state, or a court of law regarding how your final matters will be settled.