What property does not pass under a will in South Carolina?
When it comes to estate planning in South Carolina, it's crucial to understand which assets may not pass under a will. Knowing what property bypasses a will can help individuals ensure their assets are distributed according to their wishes. In South Carolina, various types of property are exempt from probate and do not need to go through the will process.
Joint Property
One type of property that does not pass under a will in South Carolina is joint property. When property is held jointly with rights of survivorship, it automatically passes to the surviving joint owner upon the death of the other owner. This means that the property does not form part of the deceased owner's estate and is not subject to distribution through a will.
Life Insurance Policies
Life insurance policies are another example of assets that bypass a will in South Carolina. The proceeds from a life insurance policy are paid directly to the named beneficiaries and do not form part of the deceased individual's estate. This allows for a swift and efficient transfer of funds to the beneficiaries without the need for probate.
Trusts
Assets held in a trust are also exempt from probate and do not pass under a will in South Carolina. A trust allows individuals to transfer assets to a trustee who manages them for the benefit of the trust's beneficiaries. Since the assets are owned by the trust and not the individual, they do not need to go through the probate process.
Legal Code Reference
South Carolina Code of Laws Section 62-2-101 outlines the types of property that do not pass under a will in the state. It is essential for individuals to review this legal code and consult with an estate planning attorney to ensure their assets are distributed according to their wishes.
Ensuring Proper Asset Distribution
Understanding which assets bypass a will in South Carolina is crucial for effective estate planning. By knowing how joint property, life insurance policies, and trusts are treated, individuals can ensure that their assets are distributed efficiently and in accordance with their wishes. Consulting with a legal professional can provide further guidance on estate planning strategies to protect assets and provide for loved ones.
Buried in Work's Additional Resources
Buried in Work provides South Carolina state-specific service provider directories and information related to estate preparation, end-of-life tasks, and estate transition information. Click here to learn more.