What Happens When Newly Discovered Assets Are Found After Probate Ends?

Probate is difficult enough for most South Carolina families, as loss and mourning mix with bureaucracy, paperwork, and legal conflict. But at least, once it is over, everyone can breathe a sigh of relief…most of the time. Unfortunately, sometimes assets like accounts or even property belonging to the deceased are found later down the line, which can lead to dilemmas and complications, as this article explains:

• What you should do when a new asset is discovered after probate is closed in South Carolina.
• Whose responsibility it will be to handle these new assets and how they will be distributed.
• The timelines and deadlines for dealing with new assets after an estate has been resolved.

What Should I Do If I Discover An Asset After A South Carolina Estate Has Already Been Closed?

Discovering new assets, unfortunately, happens quite often, more than most realize. When you do run into an account, home, or even a car that has not yet been accounted for, you have to notify the probate court to reopen the estate.

Generally, the personal representative from the original probate will be the one to file that motion to reopen. If you were the personal representative, or if you are not sure who was, and you want assistance with this sometimes complex process, it is best to speak directly with a probate lawyer.

Is Reopening The Probate Mandatory? Can The Former Executor Handle The Newly Discovered Asset?

Unfortunately, unless the asset is in a trust or set up to transfer automatically upon death, it will need to go through probate like the rest of the estate. When the probate case is closed, the initial personal representative or executor is dismissed, so that person has no more authority and cannot legally transfer, sell, or otherwise deal with the asset that is still in the deceased’s name.

Therefore, when the new asset is discovered, the personal representative (or someone else) must go to court and file to reopen the estate.

Do The Beneficiaries Named In The Original Will Automatically Receive The Newly Discovered Property?

Not necessarily; who gets this new asset depends on how the will was written and the wishes of the deceased expressed in it. A newly discovered piece of property may go to only one or two beneficiaries, or it may go through the residuary estate, in which case that is governed by the will or by law.

Can Previous Estate Distributions Be Affected By The Discovery Of Another Asset?

Generally, not. However, if everything is given in certain percentages and one person gets more than another, then the newly discovered evidence may change the overall percentages that are awarded, requiring an adjustment during the new probate.

Is There A Time Limit For Dealing With Assets Discovered After An Estate Closes?

Even probate can expire, and after a certain point you cannot reopen a case: in South Carolina, that limit is 10 years. If an asset is discovered more than 10 years after the estate closes, the estate cannot be reopened.

Instead, to get the asset transferred and passed down, someone would have to file a petition with the probate court to have a determination of heirs, through which the court will come to a decision and take the measures needed to handle the “new” asset.

Still Have Questions About South Carolina Probate? Have You Been Appointed As Executor Or Personal Representative Of A Loved One’s Estate?

For more information on newly discovered assets after probate, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.