Choosing Your South Carolina Executor
Transcript of Choosing Your South Carolina Executor
Foundation of an estate plan
Used to make specific or general gifts
Only opportunity to appoint a guardian for minor children
Can be your entire estate plan but usually only serves as the starting point
Must choose an Executor in your Will
Identifying, locating, and securing estate assets. The Executor must identify, locate and secure all assets in which the decedent had an ownership interest at the time of death
Opening probate. The Executor must prepare and file the legal documents necessary to open the probate of the estate
Valuing estate assets. The Executor must obtain a date of death value for all estate assets, often through the use of professional appraisers.
Managing estate assets. The Executor must manage all estate assets throughout the probate process.
Selling estate assets. When it is necessary to sell estate assets, to satisfy creditor claims or to provide for the even distribution of assets, the Executor must oversee the sale
All known and unknown creditors of the estate must be notified personally or by publishing notice of the probate
Notifying creditors of the estate
The Executor must review claims and approve or deny the claim. Approved claims are then paid out of estate assets
Reviewing creditor claims
The Executor must prepare, file, and pay (if due) all state and federal taxes owed by the estate before probate can conclude
Preparing and paying taxes
Finally, the Executor is responsible for effectuating the transfer of all remaining estate assets to the intended beneficiaries
Transferring assets to beneficiaries
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