Settling Small Estates (SC)

Requirements

To use the small estate process, the following conditions must be true:

• The estate has a gross value <$25K
• At least 30 days have passed since the death
• No petition has already been made to the court to officially appoint a personal representative

In determining the gross value of the estate, you should value assets as of the date of death, and ignore any unsecured debts. Do not include any assets that would not normally go through probate, such as community property with right of survivorship, assets with named beneficiaries (e.g., 401Ks, life insurance policies), and other standard probate exclusions.

Process

To use the small estate process:

1. Prepare a Small Estate Affidavit (Form 420ES)
2. Attach the will (if one exists) and a copy of the death certificate
3. Submit the notarized affidavit to the court (see below)
4. Upon approval, the court will certify the affidavit
5. Obtain possession of estate assets by presenting the affidavit to current custodians (this affidavit cannot be used to collect real estate)
6. Settle the estate in the normal way, following the settlement priorities below

Requirements

You can use summary administration (also known as simplified probate) if:

• You are the sole inheritor of the estate

Or if it appears that the value of the entire estate does not exceed the sum of

• $25,000, plus
• Family entitlements (other than a spousal elective share)
• Estate administration expenses and reasonable funeral expenses
• Reasonable and necessary medical, hospital, and nursing home expenses for the last year of life

In determining the value of the estate, you should value assets as of the date of death. Ignore any unsecured debts (such as credit cards), but do account for secured debts such as mortgages (i.e., if a house is worth $150K and has a $130K mortgage, the house would contribute $20K to the estate value). Do not include any assets that would not normally go through probate, such as community property with right of survivorship, assets with named beneficiaries (e.g., 401Ks, life insurance policies), and other standard probate exclusions.

Process

To settle an estate via summary administration:

1. Submit an Application for Informal Appointment (Form 300ES) to the court
2. Publish a South Carolina Notice to Creditors
3. Collect and distribute the assets according to the settlement priorities listed below
4. File a Closing Statement (Form 421ES) with the court