What Assets Are Exempt From Probate in South Carolina?

Probate is an official legal process overseen by the state court that distributes a person’s assets after they pass away. This can be a long and costly burden for one’s beneficiaries, but fortunately, not all assets are required to go through probate. Consulting with an experienced South Carolina probate attorney can help you determine which assets in your unique situation must go through this process.

What Is Probate?

The probate process ensures that the descendant’s assets and property are transferred over to their rightful heirs. It also settles all debts before the estate can officially be closed. The descendant’s will and testament must be brought to the state’s probate court before a 30-day deadline has passed. If there is no will, the court will distribute the assets according to state law.

However, there are ways to help your estate avoid probate, and some of your assets are not required to go through probate at all. Any assets included in a living trust or will that have named beneficiaries are usually exempt from probate. Any jointly owned assets will also be exempt from probate and be automatically transferred to the remaining surviving owner.

Every single estate is different and requires personalized attention. A trusted York estate planning attorney can help you construct a plan that makes sense for your individual estate and beneficiaries.

What Assets Are Exempt From Probate in South Carolina?

Here are just a few common examples of assets that do not pass through the probate process in South Carolina:

• Retirement accounts (401k or IRA) with a named beneficiary
• Insurance accounts with a named beneficiary
• Assets held in a trust
• Joint bank accounts
• Real estate with joint tenancy and right of survivorship

What Assets Are Not Exempt From Probate?

In general, any asset that the deceased individual solely owned or is not included in a living trust or will is then subject to the probate process. Here are some examples of assets that typically go through the probate process in South Carolina:

• Real estate property held solely in the deceased’s name
• Bank accounts held solely in the deceased’s name
• Financial investments (stocks, bonds, etc.)
• Vehicles
• Tangible personal items (jewelry, clothing, collectibles, etc.)
• Any stake or interest in a business or LLC

What Does the Probate Process Entail in South Carolina?

In South Carolina, the probate process entails:

• Validating the will and testament (if applicable) of the deceased
• Inventorying all the deceased’s assets (and debts)
• Appointing an official executor of the will

At that point, any remaining property and assets can be distributed to the rightful heirs of the estate.

State law also requires that the estate remain open to allow creditors to submit any claims they may have against the estate. This is often what draws out the legal process for months or even years, particularly with larger, more financially complex estates.

How Long Does Probate Take?

For moderate-to-large estates in South Carolina, the probate process takes a minimum of eight months to complete, with the average probate period lasting around a year. However, larger or more complex estates may take even longer. By law, the estate must remain open for the eight-month minimum probate period to allow creditors to submit claims against the estate.

However, smaller estates that contain no property and are valued at less than $25,000 can usually qualify for a much quicker and more straightforward process than the standard probate process. Small estates can oftentimes be settled as quickly as a matter of weeks (sometimes even days), instead of the eight-month minimum for larger and more complicated estates.

FAQs

Q: How Do You Avoid Probate in South Carolina?

A: The most straightforward way to avoid probate altogether in South Carolina is to have the assets of your estate placed in a living trust, with your living heirs listed as direct beneficiaries. The trust acts very similarly to a will and testament. Also, any jointly owned assets or property will be exempt from the probate process and automatically transferred to the living owner. Reach out to a local York estate planning attorney to see if your assets are eligible to avoid probate.

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

A: The full probate process is required in South Carolina for any estate exceeding $25,000 in total value. Smaller estates that are valued at less than $25,000 and contain no property can typically qualify for a much simpler and quicker process than standard probate. Smaller estates can oftentimes be settled in just a matter of weeks versus the eight-month minimum for larger estates.

Q: What Triggers Probate in South Carolina?

A: According to South Carolina state law, probate is triggered by the passing of any individual with an estate:

1. Exceeding $25,000 in total value
2. Containing assets that are subject to probate (namely assets or property solely owned by the individual that are not included in a living trust or will)

Q: How Much Does It Cost to Probate a Will in South Carolina?

A: The cost of probate for a qualifying estate is relatively reasonable for small to moderate-sized estates. The actual probate filing fee is just $95.00 for estates valued at less than $100,000.
However, that fee does steadily increase for estates worth $600,000 or more. Probate often requires many other expenses, like executor fees, attorney fees, and creditor notice fees.

Contact Mack & Mack Attorneys

Consulting with an experienced South Carolina probate attorney is crucial when planning your estate. Mack & Mack Attorneys have been serving South Carolina families since 1960 and can help guide you through the various legal intricacies of the probate process. Additionally, our team can construct a personalized estate plan that gives you and your heirs the control of your estate that you desire after you pass on.

If not properly planned for, probate can be a long and complicated process following the untimely passing of a loved one. It’s essential that your estate and its associated assets are transferred according to your desires and to the maximum benefit of your designated heirs.

It’s critical to have a thorough understanding of this process, especially which kinds of assets are exempt from probate and which are not. Doing so can help you and your beneficiaries navigate this complicated legal process after the time of your passing. Reaching out to a reputable York estate planning attorney can ensure that all your assets transition into the desired hands as smoothly as possible when the time comes.