South Carolina Probate court proceedings (during which a deceased person’s assets are transferred to the people who inherit them) can be long, costly, and confusing. It’s no wonder so many people take steps to spare their families the hassle.
However, managing and settling an estate isn’t just a personal responsibility; it is also a legal responsibility, which is handled through probate. Probate is the method used to distribute and close an estate with the oversight of the court. If you’re involved in the process, you need to understand how it works.
You can follow several probate processes you wish to pursue. Some of them even require strict guidance and assistance from an Attorney.
Before we go further into this article, we will explain what a probate process is and how you can deal with it whenever it comes. Let’s proceed.
What Is A Probate Process?
A probate process is a legal procedure that oversees the distribution of the person’s property after death. With the probate process, the court will appoint a representative to ensure that you pay all the debts accrued by the deceased and transfer other properties to the indicated parties.
If there is no will in place after the property owner dies, the state’s probate law will take over the distribution of the property to the next of kin stated by the deceased.
Dealing With Probate Cases
The probate process is not an easy one to go through. The costs of going through a probate sale include filing fees and all other fees relating to the process. An ideal probate process could take between six months to two years.
The probate sale could also disclose information such as personal finance and the value of the assets of the deceased to the public. The best thing you can do is to avoid probate at all costs. However, it requires the knowledge of how to set up necessary changes and put in tax considerations.
In the next section, we shall be showing you different methods you can apply to avoid probate for your inherited property.
Give Away The Property
One of the best ways to avoid a probate sale is to give the property away before you die. While you are alive, you may not want to give away everything because you will still need part of it. However, you can give it as a gift as part of your overall estate plan.
One major disadvantage of giving away your property is that you will no longer be the property owner.
Create A Joint Ownership Scheme For The Property
When there is a joint ownership property, there is a high chance that you will avoid probate. When one of the owners dies, the second owner will take over the property.
However, in South Carolina, one major drawback to joint ownership is that each owner needs certain rights to use the property. For example, if you make your son part-owner, you will require your son’s agreement on the sale of your property. Another drawback is that half of the property is only considered yours. Eliminating all these drawbacks, you will see that opting for a joint owner is a great option to avoid probate.
Make A Transfer On Death Agreement
Transferring To A Living Trust
A living trust is a legal document, or trust, created during an individual’s lifetime where a designated person known as the trustee, is given the permission to manage that individual’s assets after his death on behalf of the beneficiary for a particular amount of time.
There are two types of living trusts. There are revocable trusts and non-revocable trusts. A revocable trust can be withdrawn at any time, while you cannot withdraw an irrevocable trust.
To create a trust, you must execute a document that establishes the trust as a separate person from you. You will transfer the title of your property to the person, and you will become the trustee. Upon death, the person becomes the trustee and shares each part of the property among beneficiaries.
Selling A Probate Home through Sell Your House Fast- GSAP
A probate property sale procedure is gruesome when going through it alone. Working with a trusted home buyer in Upstate SC is the key to saving big and making the right sale. For maximum satisfaction, work with us at Sell Your House Fast- GSAP. We are a local real estate business in South Carolina, and we will offer you multiple options to choose from when selling probate real estate property.
At Sell My House Fast- Greenville, Spartanburg, Anderson, Pickens, we have made home buying in SC easy and have helped many clients sell and buy probate properties. You will need a lot of advice and guidance while making probate deals. This is why you need to work with us and get the premium you can’t get elsewhere.
