How to Distinguish Assets of a Deceased Person’s Estate from Corporate Assets in South Dakota
Detailed Answer
Under South Dakota law, a deceased person’s probate estate includes all property that the decedent owned in their individual name at death. SDCL 29A-3-101 defines the “probate estate” as all property interests subject to administration. You identify estate assets by reviewing titles, deeds, account registrations, and beneficiary designations.
Corporations exist as separate legal entities. Under SDCL 47-34-1, a corporation holds assets in its own name, distinct from any shareholder or officer. You can confirm corporate ownership via corporate records, Articles of Incorporation, and the Secretary of State’s filings.
Key distinctions:
- Title and Registration: Estate assets are titled in the decedent’s name. Corporate assets carry the corporation’s name. Check property deeds and vehicle titles.
- Bank and Investment Accounts: Estate accounts bear the decedent’s name or the estate name (e.g., “Estate of John Doe”). Corporate accounts list the corporation’s legal name.
- Deeds and Certificates: Real estate held by the estate appears on deeds under the decedent’s name or as estate property. Stock and membership certificates issued to a corporation use corporate identifiers.
- Beneficiary Designations: Life insurance and retirement accounts with designated beneficiaries pass outside probate. If a corporation names itself as beneficiary, those proceeds belong to the corporation, not the estate.
- Corporate Records: Review annual reports and meeting minutes filed with the South Dakota Secretary of State. They confirm corporate asset ownership.
If a dispute arises, the personal representative can petition the probate court under SDCL 29A-3-105 to clarify asset ownership and distribution.
Helpful Hints
- Request a property title search to confirm ownership.
- Obtain bank account statements and corporate ledgers.
- Review Articles of Incorporation and corporate meeting minutes.
- Check beneficiary designation forms on insurance and retirement plans.
- Consider a forensic accountant for complex situations.
- Consult a probate attorney to file required petitions under SDCL Title 29A.
- Keep detailed records of all findings and communications.