South Carolina Annual Accounting
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FAQ
In South Carolina, the following assets are subject to probate: Property only held in the deceased's name. Any real estate that the decedent held as a tenant in common. The deceased's interest in an LLC, corporation or a partnership.
If you are unmarried and die intestate in South Carolina and have children, your children will inherit your estate in equal shares. If the deceased has no children but has living parents, their estate will pass on to their parents. If parents are no longer living, the estate then goes to siblings.
South Carolina probate follows this general flow: contact the court, get appointed as personal representative, submit will if it exists, inventory and submit valuations of all relevant assets, have the court and beneficiaries approve it, and then distribute the assets to beneficiaries.
Is Probate Required in South Carolina? In most cases, the answer is ?yes.? Probate will be a necessary step in distributing he assets of the estate. The court monitors this process to ensure the decedent's wishes are followed as indicated in the will.
In South Carolina, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
In South Carolina, you can use an Affidavit if an estate value is less than $25,000. You must wait 30 days after the death, and a probate judge will need to approve it. There is also potential to use a summary probate procedure, which is a possibility when an estate value is less than $25,000.
In South Carolina, you will need an Order from the Probate Court in order to transfer the title of the vehicle to your name if you are not considered a surviving owner.