South Carolina Estate and Trust Administration
Very simply stated, the objective of both estate and trust administration in South Carolina is to fulfill the decedent's desires with regard to distribution of assets, while simultaneously addressing any and all necessary tax filings, debts, creditor's claims and other obligations of the decedent arising before death, as well as those undertaken during the administration process. The facts and circumstances of each individual case will determine which of a variety of procedures will prove most cost effective, and discussion of each of these procedures is beyond the scope of this discussion. Broadly speaking, though, certain requirements will exist no matter what estate or trust administration process is undertaken:
- Obtain and document the appointment of the personal representative (estate) or successor trustee (trust) to establish his or her authority to act
- Identify, locate and provide proper notice to proper parties and beneficiaries
- Identify, marshall and secure the estate/trust assets
- Identify and validate creditors' claims, pay appropriate creditors' claims and disallow inappropriate claims
- Prepare and file necessary State and Federal Estate and Income Tax Returns
- Account to the beneficiaries, and Court if appropriate, for all receipts, disbursements, fees, charges and changes in asset values during the administration process
- Distribute the net assets as appropriate
We are here to help.
Obviously, this can quickly become overwhelming, given the tasks our clients already face in their busy lives: Children, school, jobs, health needs and family to name just a few.
We will tackle any aspect of the administration process on your behalf that you wish. We can do it all, or we can identify the more manageable tasks for you to handle to minimize the cost. Our attorneys and support staff stand ready to provide whatever level of service you need to complete the process with your sanity intact.
As with our estate planning clients, your peace of mind during the process is just as important to us as completing the administration process professionally and economically.