It can vary widely. If it is a small estate meaning the whole estate is not worth more than $25,000 in South Carolina, then the estate can be settled in usually 2 to 3 months. If real property is involved, it has to be dealt within the minimum time is 8 months but more likely close to a year. If there are disputes about the estate and who is going to inherit what, these can take several years, 2 to 3 to 5 years or more.
Do I Have To Pay Inheritance Tax Or Estate Tax?
Fortunately, most of us will not have to pay estate tax because the minimum required assets to pay estate tax is now approximately $5.4 million. So if your estate is worth less than $5.4 million, you will not have to pay any estate tax. Now, the estate may have to pay income tax for any income, dividends or interest that was earned during the estate process.
My Ex-Husband Has Died. Am I Entitled To Anything?
An ex-spouse is not entitled to anything from the probate assets of the deceased. Now, if a husband was paying child support by court order to a spouse then that would probably be collectible during the estate process. If two people were married and the spouse dies and does not leave anything to the other spouse then in South Carolina, if that omitted spouse files a petition, they are entitled to a portion of the estate.
My Mother Has Died But I Can’t Find A Will. What Should I Do?
If you have exhausted all the sources that you know to find a will then there is one of two things that you can do. If you have a copy of the will, then you can file that with the probate court through a petition asking that the copy be recognized as the original will. You would need witnesses who witnessed the will as well as the notary who notarized to testify if this is a true copy. If you cannot do that then the only thing left is to open the probate as an intestate estate that is one where there was no will.
My Mother Left everything To Me And My Brother. He Wants To Live In The House And I Want To Sell It. What Happens Now?
This is a problem many times and it is one that has to be dealt with outside of the probate process. In South Carolina, you will not be able to sell the house during the probate process and so it will be deeded out to both of you equally through a deed of distribution. Once that is done and the estate is closed then you and your brother will own that property. At that time, if he wants to sell it and you do not, he would need to file an action called a partition action and let a court decide whether that property should be sold and its proceeds divided equally or should we actually divide it into 2 pieces.
My Wife’s Executors Say I Can’t Get My Inheritance Until Inheritance Tax Has Been Paid But Surely I Don’t Have To Pay Any. Do I?
No. As a beneficiary, you do not have to pay inheritance or estate tax. That is due from the estate itself. So if there is any tax due for estate tax, the personal representative will have to file the proper return and pay that tax and he is correct. You cannot get your share until that tax has been paid to assure that there is enough money in the estate to pay that tax.
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