ByBuried in Work StaffBuried in Work Staff

When someone passes away, their assets are typically distributed through a legal process known as probate. In South Carolina, understanding which assets go through probate and which do not is essential for estate planning and settlement. This article will delve into the specifics of what assets are subject to probate in South Carolina and which ones are exempt, providing clarity on how different types of property are managed during the estate settlement process.

Assets Subject to Probate

Assets that are solely owned by the deceased individual and do not have a designated beneficiary or joint owner usually go through probate in South Carolina. Some common examples of assets subject to probate include:

  • Real estate owned solely by the deceased

  • Bank accounts in the deceased’s name only

  • Personal belongings and household items

  • Investment accounts without designated beneficiaries

Assets Exempt from Probate

On the other hand, certain assets are exempt from the probate process in South Carolina. These assets typically pass directly to the designated beneficiaries or joint owners outside of probate. Examples of assets that do not go through probate include:

  • Life insurance policies with named beneficiaries

  • Retirement accounts with designated beneficiaries

  • Jointly owned property with rights of survivorship

  • Trust assets

Legal Code in South Carolina

The laws governing probate and estate administration in South Carolina can be found in the South Carolina Code of Laws, Title 62 – South Carolina Probate Code. It is crucial to consult the specific statutes and regulations outlined in this legal code to ensure compliance and proper handling of assets during the probate process.

Conclusion: Navigating Probate in South Carolina

Understanding which assets go through probate and which do not is vital for effective estate planning and settlement in South Carolina. By being aware of the assets subject to probate and those exempt, individuals can make informed decisions to streamline the estate administration process and ensure the proper distribution of assets according to the law.

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