Detailed Answer
Disclaimer: This article is for informational purposes only and does not constitute legal advice.
1. Identifying and Inventorying Assets
After the court appoints a personal representative, they must identify all of the decedent’s assets. South Carolina law requires the representative to file an inventory and appraisal within three months of appointment. (See S.C. Code Ann. § 62-2-501.)
- Real Property: Describe each parcel by address or legal description. Include assessed value and any liens.
- Personal Property: List bank accounts, vehicles, jewelry, furniture, business interests, and other tangible or intangible assets.
2. Classification of Assets
South Carolina divides the estate into:
- Real property: Land and fixtures affixed to land.
- Personal property: Everything else, including bank accounts, stocks, vehicles, and household goods.
3. Distribution Under Intestacy
If someone dies without a valid will, intestacy statutes determine who inherits. South Carolina orders heirs in a hierarchy and allocates shares based on who survives the decedent.
a. Surviving Spouse Only
If the decedent leaves a spouse but no descendants, the spouse inherits the entire estate. (§ 62-2-201.)
b. Surviving Spouse and Descendants
When a spouse and lineal descendants survive:
- The spouse receives the first one-third of the intestate estate.
- The remainder distributes to descendants by right of representation (per stirpes).
- If no descendants on the spouse’s side, the spouse gets the entire estate.
(See § 62-2-202.)
c. Descendants Only
If the decedent leaves descendants but no spouse, the entire estate passes to descendants per stirpes. (§ 62-2-202.)
d. Parents Only
If there is no spouse or descendants but both parents survive, they share equally. (§ 62-2-203.)
e. Siblings Only
If no spouse, descendants, or parents survive, siblings and descendants of predeceased siblings inherit per stirpes. (§ 62-2-204.)
f. No Heirs
If no statutory heirs exist, the estate escheats to the State of South Carolina. (§ 62-2-201.)
Helpful Hints
- Gather deeds, titles, and account statements early to streamline the inventory process.
- Obtain professional appraisals for high-value real estate and collectibles.
- Keep records organized by asset type: real vs. personal property.
- Consult the statutes at scstatehouse.gov for the latest code sections.
- Consider hiring a probate attorney to navigate complex distributions.