July 20, 2009
If you have a Last Will prepared, you will probably wonder what per stirpes means. The term is from Latin and means literally per branch. What it means is that each branch of a Decedent’s family takes an equal share, regardless of the number of family members in each branch. This term simply tells us attorneys how to divide up an interest in your estate in case the person you named as a beneficiary died before you, leaving surviving children.
The term is best defined by an example. Suppose that (Click here for more…)
July 19, 2009
Nope, it’s not a highway. Intestate (or intestacy) means that a Decedent has died and has not left a Last Will and Testament to be admitted to probate. The South Carolina Code of Laws 62-2-101 states that “[a]ny part of the estate of a decedent not effectively disposed of by his will passes to his heirs as prescribed in the following sections of this Code. Thus, everybody has an estate plan in place, even if a Last Will has not been executed.
Note – The statute may not reflect how you would want your estate to be distributed. It is best to consult with an attorney to discuss your estate planning, and not leave your estate plan in the hands of legislators in Columbia.
See this post for more information on intestacy.
July 15, 2009
Testate means that a Decedent has died leaving a Last Will and Testament to be admitted to probate.
July 13, 2009
A Decedent is someone who has died.
July 7, 2009
Administration is a judicial proceeding similar to a probate proceeding. The major difference is that an Administration is undertaken when the Decedent did not execute a Last Will and Testament. If there is an estate to administer, an interested party can petition the court to be appointed as Personal Representative (Administrator) for the estate. This is done by filing a Petition with the Probate Court. After the appointment of Administrator is made, the estate’s affairs can be wound up.
