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South Carolina Summary Administration Package for Estates not More than $25,000 - Small Estates

Category:
Probate - Small Estates
State:
South Carolina
Control #:
SC-ET20
Format:
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Description

Under South Carolina statutes, if the estate of the decedent is sufficiently small as defined by Section 62-3-1203, the personal representative of the decedent may distribute the assets of the estate immediately, without a court filing or additional notice to other parties, other than a notice to creditors as set out in Section 62-3-801. After distributing the assets of the estate, the estate may be closed by the filing of a verified closing statement.

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FAQ

If the total value of all the assets you leave behind is less than a certain amount, the people who inherit your personal property -- that's anything except real estate -- may be able to skip probate entirely. The exact amount depends on state law, and varies hugely.

Small estate administration is a simplified court procedure that is an alternative to the longer probate process. It is available when the person who dies did not own that much in assets. There is often a limit to the value of the property, such as $25,000 or $100,000.

When you use a small estate affidavit , you have to pay the decedent's bills before paying money to anyone else. For example, the decedent might have owed money to a credit card company when they died. If you use the small estate affidavit, you must give money from the estate to pay the credit card company.

In South Carolina, it will take a minimum of eight months to probate because the law requires it to remain open to allow creditors to file claims. Beyond the minimum eight months, several factors determine how long probate takes to conclude. Factors that may delay probate in South Carolina include: Intestate estate.

Typical Time Requirements Many states impose a limit on the executor to begin the probate process, typically one to three years. Other states do not have a time limit, but executors are encouraged to open the estate within a reasonable time so as to avoid late payments of estate debts.

Probate is the process by which assets are transferred from the decedent to his or her heirs or devisees. If I have someone's original will, what do I do with it? South Carolina law requires that you deliver the will to the Probate Court within thirty (30) days after the person's death.

In South Carolina, probate for small estates is required. A small estate is considered to be an estate that is valued at $25,000 or less in assets and no real property. If those two conditions are met for a small estate, a case will have to be filed with the probate court.

A simple estate with just a few, easy-to-find assets may be all wrapped up in six to eight months. A more complicated affair may take three years or more to fully settle.

But the law does allow up to 5% in total. Regardless of all of the above, the minimum executor fee is $50 (unless waived). See South Carolina Code of Laws § 62-3-719.

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