How Much Does an Estate Have to Be Worth to Go to Probate in South Carolina?

When a person dies, their surviving loved ones often face probate. This process involves a court-supervised settling of the person’s estate, including paying off debts, distributing assets to their heirs, and ensuring state laws are followed. Anyone who is currently estate planning may ask, “How much does an estate have to be worth to go to probate in South Carolina?”

The answer to this question varies. It’s important to understand South Carolina probate rules and know what the probate process looks like.

Probate in South Carolina

The Probate Court on South Congress Street handles probate cases in York, South Carolina. York County processes an average of 2,250 probate cases each month, ranking seventh in probate cases. Statewide, that number rises to over 50,000 probate cases monthly.

The probate process involves:

• Validating the will, if the decedent created one
• Paying taxes and debts
• Appointing a personal representative, such as an executor or administrator
• Taking inventory of the decedent’s property
• Distributing the assets still left to beneficiaries or heirs

Probate is usually required if the deceased person owned assets that were only in their name at the time of death, such as bank accounts, real estate, vehicles, and personal property without a named beneficiary. However, not all estates must go through probate. If the estate is small enough, South Carolina allows for a simplified procedure for the probate process.

There are rules regarding how much an estate has to be worth to go through probate in South Carolina. Currently, the state offers a small estate affidavit process for estates valued at $25,000 or less.

For this to take effect, certain conditions must be met:

• The estate’s total value must be $25,000 or less, excluding certain exempt property and liens.
• No application or petition for the appointment of a personal representative has been filed.
• A minimum of 30 days should have passed since the individual’s death.
• The person applying has to be legally entitled to the property.

If all points are met, the heirs can file for the small estate affidavit to try to collect the deceased person’s assets without going through the full probate process. The small estate process takes less time and is generally easier and less costly than traditional probate.

What Is Included When Determining Estate Value?

When determining the value of an estate and whether it qualifies for the small estate process, the items considered include:

• Vehicles
• Bank accounts
• Stocks and bonds
• Personal property

What is not considered, however, is:

• Real estate
• Jointly owned property with right of survivorship
• Trust property
• Life insurance or retirement accounts that have named beneficiaries

There are various factors that affect whether probate is necessary for real estate. For instance, if the property is titled only in the deceased’s name, it must go through probate unless it was held in a trust or owned jointly.

The Probate Process

The process of probate in South Carolina begins when the executor or personal representative files the deceased’s will with the probate court. The following steps generally include:

• The court then verifies the will’s validity and officially appoints the representative to manage the estate.
• The heirs and creditors are notified.
• Assets are inventoried and appraised.
• Debts and taxes are paid.
• The remaining assets are distributed.

The complexity of the case determines how long the process takes from start to finish.

Estate planning is key to success. Working with an experienced York estate planning attorney can help streamline the process and ensure you meet all deadlines and legal requirements.

FAQs

Q: What Assets Must Go Through Probate in South Carolina?

A: Assets that must go through probate in South Carolina include anything that was solely owned by the deceased without a named beneficiary or joint owner. This could include any real estate titled solely to the deceased or personal bank accounts without a payable-on-death designation. Assets in the deceased’s name that are not part of a trust are usually probated. Jointly owned property or assets with designated beneficiaries are safe from probate.

Q: What Is the Minimum Estate Value for Probate?

A: South Carolina does not have a minimum estate value required for probate, but if the total amount of the deceased’s assets is less than $25,000, it may qualify for a small estate affidavit. This involves a much simpler probate process. Even if probate isn’t legally mandated, some assets may still require court documentation to transfer ownership. This could include titles or financial accounts.

Q: How Can I Avoid Probate in South Carolina?

A: To avoid probate in South Carolina, you may use several estate planning strategies, such as creating a revocable living trust. This involves placing assets in a trust and managing them outside of probate. Other ways to avoid probate may include naming beneficiaries on accounts, joint ownership with rights of survivorship, and transfer-on-death designations for all securities. Proper titling is crucial for real estate and financial assets. Also, make sure to keep your estate plans updated to help ensure a smooth process.

Q: What Is the Small Estate Limit in South Carolina?

A: Currently, South Carolina defines a small estate as one valued at less than $25,000 and without real estate. These estates may qualify for a simplified probate process using a small estate affidavit, which can be filed 30 days after the deceased’s passing. The affidavit allows heirs to collect or distribute property more efficiently. The beneficiaries will need proper documentation and proof that no other petitions for probate have been filed.

Contact a York Estate Planning Attorney Today

No matter what phase of estate planning you’re in, whether it’s wanting to create a will, establish a trust, or get through the probate process, you need a skilled York estate planning attorney to help you understand South Carolina estate laws. The knowledgeable team at Mack & Mack Attorneys can guide you each step of the way, helping you stay in line with state law and making sure your wishes are carried out.

Contact our office today to schedule a consultation and learn more about probate, including how much an estate has to be worth to go through probate in South Carolina.