South Carolina Inventory, Petition to Approve Expenses and Monthly Allowances, and for Other Relief
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How to fill out Inventory, Petition To Approve Expenses And Monthly Allowances, And For Other Relief?
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FAQ
Waiver of statutory filing requirements: If filed by all of the necessary parties, the estate can be administered without the need for a Final Accounting, Proposal for Distribution, or Notice of Right to Demand Hearing.
Exempt property. The surviving spouse of a decedent who was domiciled in this State is entitled from the estate to a value not exceeding twenty-five thousand dollars in excess of any security interests therein in household furniture, automobiles, furnishings, appliances, and personal effects.
Revocation or amendment of revocable trust. (a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.
Any asset that is in a trust. Assets in a pension plan. Any asset that already has a beneficiary attached to it. Insurance policy with a beneficiary. Retirement funds with a named beneficiary. Real estate with joint tenancy with right of survivorship.
First and foremost, there are a number of asset types that typically do not pass through probate. This includes life insurance policies, bank accounts, and investment or retirement accounts that require you to name a beneficiary.
One way to avoid probate in South Carolina is by using a transfer-on-death (TOD) deed for real estate. This allows the property to be transferred to the beneficiary upon the owner's death, bypassing the probate process.
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.