South Carolina Inventory and Appraisement LF (Mandatory)
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FAQ
Put simply, an Inventory lists the property owned by a decedent at the time of their death. The personal representative of an estate must file an Inventory with the court within three months after the date of their appointment.
The Inventory is basically a ?snapshot? of the decedent's probate assets at the time of death. The Inventory lists all assets and the value of each of those assets on the date of death: bank accounts not jointly owned, real estate, personal property, any investments, and other miscellaneous items.
In most cases, probate is a legal responsibility in South Carolina. However, probate can be avoided if the decedent's assets were placed in a living trust before they died with beneficiaries designated to inherit the estate.
Every Personal Representative (Executor) must file an Inventory and Appraisement with the Probate Court.
In most cases, probate will be a necessary step in distributing the assets of the estate. This process is necessary because the court must monitor this process to ensure the decedent's wishes are followed as indicated in the will. However, there are a few ways in which one can avoid going through probate.
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 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).
You can absolutely prepare all of the probate forms yourself and do this on your own. Some states may require a lawyer for submitting them to probate court, but South Carolina doesn't.
