South Carolina Subsequent Administration Inventory
Description
How to fill out South Carolina Subsequent Administration Inventory?
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FAQ
South Carolina offers a procedure that allows inheritors to skip probate altogether. To qualify, the estate (the property you own at death) must meet these requirements: the net value of the estate can't exceed $25,000. there's no real estate.
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).
Any executor, devisee, legatee, guardian, attorney, or other person who fails to deliver to the judge of the probate court having jurisdiction to admit it to probate any last will and testament, including any codicil or codicils thereto, upon conviction must be punished as for a misdemeanor.
Section 62-2-512 - Separate writing identifying bequest of tangible property.
SECTION 62-2-101. Intestate estate. Any part of the estate of a decedent not effectively disposed of by his will passes to his heirs as prescribed in the following sections of this Code.
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, the following assets are subject to probate: Property only held in the deceased's name. Any real estate that the decedent held as a tenant in common. The deceased's interest in an LLC, corporation or a partnership.
If you are unmarried and die intestate in South Carolina and have children, your children will inherit your estate in equal shares. If the deceased has no children but has living parents, their estate will pass on to their parents. If parents are no longer living, the estate then goes to siblings.