By Mary Blunt

While we know death and taxes are unavoidable, we only prepare for taxes. But don't worry if you don't prepare for death, the State will. There won't be a fancy professional document on parchment paper but, instead, a set of "back-up" laws. These laws will constitute your Will. The good news...they are free. The bad news...these laws (called the laws of "intestacy") may create results that are inconsistent with your wishes. Here is a common example:

Husband dies without a will. Most assume the wife always gets 100% of his probate assets, right? Wrong!

This is a common misunderstanding seen in the Probate Court. If there is no will, the law says that the husband's assets are divided with 50% going to the spouse and 50% divided amongst children of the husband, including adult children and children from previous marriages. The wife will inherit 100% of husband's assets if there are no children.

Using this example, consider the following:

Husband has married his second Wife, and Husband's children are from a prior marriage. All of Husband and Wife's funds are in the marital home. He dies without a will. Now what? In a perfect world, second Wife and children would enjoy sharing ownership in a home, but in the real world this rarely works. In order to give 50% to the children, the estate may have to sell the marital home, or Wife will have to come up with the funds to "buy out" the children's share.

Was this Husband's intent? We'll never know for sure. Unfortunately, this distribution will result under the will South Carolina has written on your behalf. Either way, failing to have a valid will in place can lead to frustration of life plans, additional legal expenses, and in-family fighting.

Take this one step further. What if the children from the prior marriage are under the age of 18? Then, the law requires that a Conservatorship Account at the Probate Court be established for the Court to oversee the administration of those funds from Husband's estate. This lasts until the child turns 18 and would require court permission before any real estate could be sold, financed, or transferred. This means extra paperwork, expense, and court involvement for years.

The scenarios are endless and the dynamics can be disastrous when multiple marriages, dependent children, incapacity, common law marriages, step- children, real estate, sentimental personal effects, and emotions get involved.

How complicated is life with you here to manage it. Now, imagine how complicated it will be for others trying to manage your assets without a will. A will too expensive? The cost is nothing compared to dying without one. Do yourself and your family a favor, have a will prepared and keep it updated (new children, divorce, remarriage and other life events should always lead you to reevaluate your estate plan).

If you decide not to write your own will, there is always South Carolina's free back-up plan of intestate laws. Just remember that when it comes to getting something for free, usually you get what you pay for!