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South Carolina Application for Approval of Compromise

Category:
Local County - Richland - Probate Court
State:
South Carolina
Control #:
SC-SKU-0709
Format:
PDF
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Description

Application for Approval of Compromise

The South Carolina Application for Approval of Compromise is a legal document that is used to request approval from the court to settle a dispute between parties, usually involving a debt or an injury. The document must be filed in the county in which the dispute originated and must include details about the dispute, the proposed settlement, and the parties involved. There are two types of South Carolina Application for Approval of Compromise: 1) Application for Approval of Compromise of an Unliquidated Claim and 2) Application for Approval of Compromise of a Liquidated Claim. The former is used when the amount of the debt is not certain, while the latter is used when the amount of the debt is already known. Both applications must include a written statement outlining the parties’ agreement, a detailed description of the dispute, and the proposed compromise. The court will review the application and make a determination whether to approve the settlement.

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FAQ

A Personal Representative is under a duty to settle and distribute the estate of the decedent in ance with the terms of any probated and effective Will and the South Carolina Probate Code, as expeditiously and efficiently as is consistent with the best interests of the estate.

(b) Except where the will of the decedent authorizes to the contrary, a personal representative may not sell real property of the estate except as authorized pursuant to the procedure described in Section 62-3-1301, et seq.

Opening an Estate. Filing Will and Probatings - The South Carolina ( SC ) Probate Code of Laws requires that the Last Will and Testament be delivered to the Probate Court within 30 days of the decedent's death.

Rights of the Personal Representative in South Carolina SC Code § 62-3-719 states that a personal representative is entitled to a minimum of $50, regardless of the estate's value, up to a maximum of 5% of the estate's value.

Probate means the Will is admitted as valid under South Carolina law. Informal probate admits the will as valid. Formal probate requires a hearing to confirm the validity of the will. If the will has erasures, white-out, or other markings, the Court may require a formal probate proceeding.

South Carolina law sets forth a priority list of who may be appointed the personal representative, and it's usually the surviving spouse or next of kin. Appointment is granted informally to someone who has priority under state law or formally with notice to all with higher priority.

There is not a major difference between an executor and a personal representative, as both are often used interchangeably. A judge appoints an executor to oversee a person's estate after they die. That includes administering their possessions and property.

What is a waiver of statutory filing requirements South Carolina? 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.

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