This form is a sample letter in Word format covering the subject matter of the title of the form.
South Dakota Sample Letter to Bank concerning Accounts of Decedent
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Multi-State
Control #:
US-0034LTR
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Word;
Rich Text
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FAQ
Property that is jointly owned with a survivorship right will avoid probate. If one owner dies, title passes automatically to the remaining owner.
You may be able to avoid probate in South Dakota using any of the following strategies: Establish a Revocable Living Trust. Title property in Joint Tenancy. Create assets/accounts that are TOD or POD (Transfer on Death; Payable on Death)
The beneficiary is not entitled to money in the account while the owner is alive, but automatically becomes the owner of the account upon the original owner's death. In these cases, simply visit the bank with a valid ID and a certified copy of the death certificate.
In South Dakota, not all your property may have to go through probate. The assets that do go through probate make up your probate estate. These are usually assets that are titled solely in your name and come under the control of your personal representative (formerly known as an executor).
A formal probate requires additional court intervention and is required if the decedent passed away more than three years before the filing of the probate. An informal probate in South Dakota is often handled by the clerk of courts rather than a judge. A probate can also be testate or intestate.
However, it is possible to skip probate in South Dakota if the entire value of an estate is less than $50,000. In that case, the estate would pass through what's called a simplified probate process.
For one, probate will not be necessary if the deceased put the estate in a living trust or named beneficiaries before their death. The living trust will automatically transfer to the named beneficiaries. Additionally, any joint assets are exempt from probate and will automatically be transferred to the other owner.
Letter of instruction: A document completed and signed by the beneficiary, successor, affiant or court- appointed representative of the estate providing specific instructions on how to disburse the remaining money in any accounts.
