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

When a loved one passes, one of the first questions families often ask is “How much does an estate have to be worth to go to probate in South Carolina?” Probate is not always required, and the value of the estate plays a significant role in determining whether it’s necessary. Understanding the state guidelines with the help of a Fort Mill probate attorney can help families navigate the process more smoothly and avoid unnecessary complications.

The threshold for probate depends on the type and value of the assets left behind and how they are titled. Here, we explore the specific rules and exemptions that dictate when an estate must go through probate in the Palmetto State.

Probate in South Carolina

In South Carolina, whether an estate must go through probate depends on several factors, including its size, the types of assets involved, and the way those assets are titled. An estate typically goes through probate if it includes solely owned assets worth more than $25,000, especially real estate, and lacks mechanisms like beneficiary designations or joint ownership to transfer them outside of probate.

For estates under $25,000, the small estate affidavit offers a quicker alternative, provided no real property complicates the process. Always consult a South Carolina probate attorney for specific cases, as individual circumstances, like creditor claims or family disputes, can alter the requirements.

Assets That Must Go Through Probate

Certain assets, by law, must go through probate in South Carolina: These include:

• Any bank accounts that are solely in the decedent’s name
• Real estate solely in the decedent’s name or property owned as a tenant in common
• The decedent’s business interests, such as those in an LLC, corporation, or partnership
• Personal property
• Assets not placed in a trust
• Any accounts or assets that are unable to be accessed per York County law

The probate court oversees this process and manages any disputes. The court also validates the will, if applicable, and ensures all legal requirements are met before closing the estate.

Assets That Do Not Have to Go Through Probate

Some assets are not required to go through probate in South Carolina. Some of these include:

• Jointly owned bank accounts with beneficiary designations
• Jointly owned property with right of survivorship
• Retirement and insurance accounts with a named beneficiary
• Assets placed in a trust

A competent probate attorney can assist you in estate planning to limit the amount of assets that must go through the probate process upon death. While saving time and money, skipping the probate process can keep your personal matters out of the public eye.

Probate Process in Fort Mill, SC

In South Carolina, the probate process can be complex and requires paying court fees and filing paperwork to open and close a decedent’s estate. Nationwide, about 67% of adults do not have a legal will. If your loved one does not have a will, the process can be more complicated and requires a judge to make decisions about how their assets and property will be distributed.  The steps of the probate process include:

1. Deliver the will and file a petition with the county court where the decedent resided. York County requires appointments to do this.
2. The personal representative is officially named. Typically, the representative is named in the decedent’s will. If no will exists, the court will appoint a representative.
3. The representative and attorney will inventory all the decedent’s assets, including property, bank accounts, insurance accounts, and retirement accounts.
4. If the decedent has outstanding debts and/or taxes, the personal representative will ensure they are all paid in full.
5. Finally, the representative can distribute the assets and property in the estate to the proper heirs and beneficiaries.
6. The last step is closing the estate, which is a legal process that must be completed through the county court.

It is advisable to hire a lawyer to ensure the probate process is done correctly and is legally binding. A seasoned probate attorney can swiftly resolve any complications that may arise.

FAQs

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

A: In South Carolina, assets that must go through probate include real estate and personal property, such as bank accounts or vehicles, titled solely in the deceased’s name without a designated beneficiary. Assets held in a living trust, jointly owned with rights of survivorship, or with a named beneficiary, like life insurance policies or retirement accounts, typically avoid probate.

Q: What Is the Minimum Estate Value for Probate?

A: The minimum estate value for probate in South Carolina is $25,000. If a person’s estate is valued below this amount, and they did not own any real estate, Fort Mill residents should file a small estate affidavit through York County court. To file this affidavit, you will need to pay a fee, and have a death certificate, and 30 days must have passed since your loved one’s death.

Q: Do You Have to Go Through Probate in SC if You Have a Will?

A: Yes, you may have to go through probate in South Carolina if you have a will. If you or your loved one has a will, it likely names a personal representative who is responsible for distributing the estate to the rightful heirs. If you or your loved one do not have a will, the court will then name the personal representative.

Q: How Much Does It Cost to Go Through Probate in SC?

A: The cost for probate varies in South Carolina and is largely dependent upon the county the decedent resided in as well as associated lawyer’s fees. If you choose to hire a lawyer to help you through the process and provide legal advice, their fees vary too and depend on their experience, their firm’s location, and the complexity of your case. You should discuss fees at your first consultation with the attorney.

Hire a Qualified Fort Mill Probate Lawyer Today

Hiring a probate attorney in South Carolina can simplify the complex legal process, ensuring compliance with state laws, deadlines, and court requirements, especially for estates exceeding $25,000 or involving real property that a small estate affidavit can’t address.

The team at Mack & Mack Attorneys can help resolve disputes that may arise, and manage creditor claims, reducing stress and the risk of costly errors. If your loved one’s estate must go through probate, contact us today for a consultation.