Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney in South Carolina for advice specific to your situation.
Detailed Answer
1. Understand the Role of the Personal Representative
After a person dies, their estate typically goes through probate in South Carolina. The court appoints a Personal Representative (formerly called executor) to collect assets, pay debts, and distribute remaining funds to heirs. Only this person has legal authority to access the deceased’s bank accounts.
2. Appointment Process
To become Personal Representative, you must:
- File a Petition for Probate in the county probate court where the deceased resided. Refer to S.C. Code Ann. § 62-3-501 (Title 62, Chapter 3, Section 501).
- Submit the death certificate and the original will (if one exists).
- Take an oath and post a bond (if the court requires it).
3. Inventory and Appraisal of Bank Accounts
Within ninety days after appointment, the Personal Representative must file an inventory of all estate assets, including bank accounts. See S.C. Code Ann. § 62-3-503 (Section 503).
4. Accessing Funds During Administration
Once officially appointed, the Personal Representative should:
- Obtain certified Letters of Office from the probate court. This document proves your authority to third parties.
- Present Letters of Office and a certified death certificate to the bank or credit union holding the deceased’s account.
- Request the bank to re-title or transfer funds into an estate account in the name of the Personal Representative.
South Carolina banks generally comply when provided proper documentation.
5. Small Estate Affidavit Alternative
If the estate’s personal assets (including bank accounts) total $25,000 or less and there is no real property, you may skip full probate by using a Small Estate Affidavit under S.C. Code Ann. § 62-3-801 (Section 801). Requirements:
- Wait at least 10 days after death.
- Obtain death certificate.
- Prepare and notarize the affidavit listing all assets and heirs.
- Present to the bank; many institutions will release funds up to $25,000 without full probate.
6. Distributing Funds
After paying valid debts and taxes, the Personal Representative distributes remaining funds according to the will or intestacy rules. See S.C. Code Ann. § 62-3-507 (Section 507).
Helpful Hints
- Always secure certified Letters of Office before contacting banks.
- Keep meticulous records of all estate transactions.
- Confirm each bank’s specific requirements; policies vary.
- Consider small estate affidavit if assets are under $25,000 to save time and fees.
- Seek legal advice early if estate contains real property or complex assets.