South Carolina Inventory and Appeasement (Conservator) (Mandatory) is a process that is required when a conservator is appointed with the authority to administer an estate. The process involves the conservator performing a detailed inventory and appraisal of the assets of the estate, including both real and personal property. The conservator must then provide a full and accurate report of all the assets to the courts, and make sure that all debts and taxes are paid from the estate. There are two types of South Carolina Inventory and Appeasement (Conservator) (Mandatory): Formal Inventory and Appraisal, and Informal Inventory and Appraisal. The Formal Inventory and Appraisal requires the conservator to conduct an in-depth review of the assets of the estate, and to prepare a detailed report of the same. The Informal Inventory and Appraisal is a less formal process, and typically requires the conservator to take a more cursory overview of the assets of the estate.
South Carolina Inventory and Appraisement (Conservator) (Mandatory)
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FAQ
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.
The Inventory is basically a ?snapshot? of the decedent's probate assets at the time of death. The Inventory lists all assets and the value of each of those assets on the date of death: bank accounts not jointly owned, real estate, personal property, any investments, and other miscellaneous items.
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.
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.
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.
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.
A Conservator manages financial affairs or property for an incapacitated adult or for a minor. The Conservator must manage and protect the property, and report periodically to the court about the assets, receipts and disbursements of the estate. No expenditures can occur without written Court order.
(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.