As of this writing, if an estate is worth $5 million dollars or less, you probably do not need to worry about the Federal Estate Tax. Some states have a state estate tax, but South Carolina is not one of them.
As of this writing, if an estate is worth $5 million dollars or less, you probably do not need to worry about the Federal Estate Tax. Some states have a state estate tax, but South Carolina is not one of them.
In South Carolina, personal representatives must run a notice of death in a local newspaper. Most probate courts (including Lexington County and Richland County) arrange for the publication of the notice and roll the cost of the notice into the filing fee. The notice triggers the creditor claims period. If a creditor does not file a claim before the claim period expires, then its claim may be barred, depending on the type of claim. Claims will be discussed in a separate post.
Kyle E. Krull’s blog has a good article about lost wills. Click here to read the article. Here are some highlights:
Stick tap to the Wills, Trusts, and Estates Prof Blog for pointing out the article.
Yes, in South Carolina the Probate Court may appoint Co-Personal Representatives. There are two disadvantages to having Co-Personal Representatives. First, it is difficult to get things done because both Personal Representatives have to sign all of the probate papers, contracts, and agreements. Second, if the Co-Personal Representatives disagree or dislike each other, the estate administration becomes complex, time consuming, and expensive.