What Do I Need To Do After My Spouse, Parent, Child, Sibling Or Other Loved One Passes Away?

The first thing you should do is look for the will. If you know that they have one, look in all places where they keep items for safety, and if you find the will, you need to take it to the probate court. If you cannot find the will, or if they do not have one, you will still need to go to the probate court. The court requires that when a person dies, someone gives them a list of all of the assets the deceased person owned and their values. This does not have to be exact, but the court needs to the approximate worth of the deceased person.

How Expensive Is Probate Going To Be?

This cannot be predicted to an exact number. The cost of probate can range from several hundred dollars to several thousand dollars. It depends on the value of the assets and whether or not any beneficiaries or creditors come in and trigger litigation in the probate court.

What Happens If You Want To Distribute A Loved One’s Estate But There Is No Original Will? What If The Will Hasn’t Been Updated In Decades?

If there is no will, it is called an intestate estate, which means you still need to go to the probate court and let them know that the person has died, and they will open an estate for them. Their assets are transferred by a legal statute that determines who will get the assets of the deceased. If the will is several decades old but signed and notarized properly, it is still valid.

When Should I Create A Living Trust?

Your trust can be created any time during your life.

Is It Ever Too Late To Set Up A Living Trust?

No, it is not. You can set up a living trust at any point in your life. It becomes active immediately after you sign it.

Is It Ever Too Early To Set Up A Living Trust? Should I Wait Until I Have A Certain Amount Of Assets?

No, you do not need to have a certain amount of assets to create a living trust. It is a popular but incorrect belief that you have to have a lot of money to create a trust. The primary purpose of a trust is to avoid probate and to easily transfer assets. You should not wait to set one up.

Can I Add More Assets To My Living Trust At Any Point In Time?

Yes, as long as the trust gives you that right to add assets, you can do so at any time, as long as the trust is valid.

Can I Remove My Property From My Living Trust At Any Time?

That depends on whether the trust is revocable or irrevocable, and also depends on the language in the trust. Most family trusts are written such that they are revocable and you can add and remove assets. The trustee of a revocable trust can add and remove trust assets whenever he/she wants to, subject to the terms of the trust.

Can I Put My Savings Or Other Bank Accounts In My Living Trust? Will I Need To Adjust Amounts In The Trust As Funds Grow? Or Will It Be Tied To Any Amount In My Savings Or Bank Accounts?

Yes, you can put any kind of bank account in the trust; as long as you make the trust the owner of that account. Once that’s done, it doesn’t matter if you add or withdraw money. It’s the account that is in the trust, not a certain number of dollars. However, you do not want to put either a 401K or a company retirement plan in the trust.

I’m Worried About Creditors. Is Now A Good Time To Put My Assets And Bank Accounts In A Living Trust? Will They Be Protected From Those Creditors?

The answer to that question depends on the kind of trust you have. If you have a revocable trust, a creditor or judgment creditor can, through court order, invade your trust and get to those assets. If you have an irrevocable trust, then your assets are safe from creditors. However, even within a revocable trust, it is much harder for a creditor to attack your trust and get to your assets.

For more information on Probate In South Carolina, a free case evaluation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.

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