South Carolina probate law governance the transference of the estate after a person dies. When a person dies, the widowed spouse typically receives the entire estate when there is no will in place. However, in cases were a will was written, probate law aids in getting the property and assets of the deceased to the correct people. The probate process isn’t always simple. A will can be revoked and contested. In some cases, even the administration of the will (who will be in charge when no will is left) can delay the start of probate.
The decedent’s will, lists who is to be designated the administrator or executor of the will. If a person has not written a will prior to their death, the court will appoint an administrator. The deceased person’s spouse, their children or other family members can petition the court to be appointed as the administrator.
The South Carolina Estate Administrator’s Role
The administrator’s role in the South Carolina probate system is one that requires a large commitment. They are responsible for notifying creditors that the individual has died, allowing creditors to make a claim for payment. This must be done by at least placing an advertisement in a local newspaper. Creditors have a specific amount of time to make a claim against the deceased person’s estate.
Next, the heirs or beneficiaries must be contacted. These are the persons that are listed in the will. If no will is left, then intestate will provide guidance on who needs to be contacted and in what manner is followed.
Another important job of the administrator is to inventory the estate and assets of the decedent. This is done to determine the value of the estate. Knowing the real value of the estate allows the administrator to decide who gets paid what. If there is less money then anticipated after all of the debts are paid, this may mean that the beneficiaries are given less money. An attorney who specializes in estate planning will be able to provide proper guidance. A South Carolina probate attorney should also be consulted. This individual will be quite familiar with the probate process and will be an invaluable asset.
South Carolina Probate
The actual statutes that govern distribution of the estate will differ from state to state. You access a probate attorney directory to determine whether or not the following order must be abided in South Carolina. However, below is a pretty generally accepted order of estate disbursement.
- Fess Needed For The Administration of The Estate. This may include, but is not limited to, the Notice of Creditors advertisements, fees for the attorney and appraisals as well as the actual administrator fee.
- Money for the family
- Expenses for the funeral
- Debts and taxes owed by the decedent
- Claims which are still remaining
- Beneficiaries named in the will. If there is no will, then the court will determine who gets what.
The amount of time the probate will take will differ from case to case. Some cases are very straightforward while others are much more complicated. If there is any infighting, contests to the will or if there are many assets that must be divided amongst a large number of people, then the process can take much longer.
South Carolina Probate Loans
Probate can also be very stressful for beneficiaries. If the decedent has a lot of debt or owes a lot of money in taxes, this can cut into the amount of inheritance that they were expecting.
Even if a decedent’s financial affairs were in order, probate can still take a number of months or even years, meaning that the beneficiaries will have to wait to receive payment. Fortunately, probate loans are available which gives beneficiaries the money that they want or need without requiring them to wait until probate is complete. Probate loans, also known as an inheritance advance gives persons an opportunity to cash in hand and then repay it when they finally receive their inheritance. Individuals can get an advance in mere days, a significantly less amount of time then if they were to wait for the probate process to run its course.
South Carolina Probate Resources
South Carolina Inheritance Taxes
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