Every state has its own unique set of laws that go into inheriting estates and South Carolina is no exception. There are laws regarding how estates are taxes, how estates are passed down, and even what makes a will valid or not.
What are the estate taxes in South Carolina?
Usually, the taxes come out of what’s given in the inheritance or are paid for out of pocket. Unlike some other states, there are no inheritance or estate taxes in South Carolina.
This doesn’t eliminate other expenses related to estate planning expenses, such as inheritance tax that might come from another state or a federal estate tax. There also might be expenses related to creating the estate plan.
When does an estate go to probate?
If the total sum of an estate is less than $25,000, it skips probate court. If it’s valued at over $25,000, then it must go to probate to be settled.
There’s informal and formal probate. Informal probate is used when all parties involved generally get along and there’s no anticipated dispute, while formal probate allows the court to oversee every aspect of the process to make sure everything gets distributed accurately.
What makes a will valid?
Creating a will is oftentimes the first step that South Carolina residents must take in estate planning. The requirements for a valid will change from state to state, but are pretty straightforward in South Carolina:
– Writer must be at least 18 years
– Writer must be of sound mind and body
– Will must be signed by the writer and two witnesses
– Must be in writing
– Must name at least one beneficiary
If a will has all the above, it will be considered valid. It’s important to keep wills updated with life changes and changes to the estate.