There is also a small estate proceeding available for estates valued under $25,000 with no real estate.
#Does a will have to be notarized in south carolina code#
South Carolina has adopted the Uniform Probate Code so its procedures are more simplified than many states. A trust allows you to bypass probate in any state in which you own property as long as you include the asset in your trust. Assets in a will cannot be disbursed until probate concludes, whereas assets in a trust can be distributed immediately upon death if you wish. Probate can take months and involves costs: an attorney, executor, and court fees. Probate is a court proceeding used to verify and carry out a will. One of the benefits of a living trust South Carolina is that it keeps the assets in the trust out of probate. An irrevocable trust is different and cannot be altered at all. Your revocable trust can be changed at any time you wish and can even be eliminated. The successor will continue to manage the trust and will distribute the assets to your beneficiaries according to the terms you include in the trust.
If you choose yourself, you also need to select a successor trustee who will take over when you die. You can choose anyone to be your trustee, but most people prefer to choose themselves. A trust must have a trustee, a person who manages and protects the assets in the trust. Some assets will not qualify, such as retirement accounts and life insurance. To get the most out of your trust, you will want to place as many assets as possible into it.
The trust is set up to manage your assets for your benefit during your life. When you establish a living trust in South Carolina you are the trust grantor. A revocable living trust (also known as an inter vivos trust) allows you to use and control your assets during life and control their disposition after death. A South Carolina living trust can be an important part of your estate planning.