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  • Articles September 29, 2020

    Benefits of Funding a Revocable Trust in South Carolina

    Avoidance of probate fees is one of many benefits of funding a revocable trust, particularly in South Carolina where there is no cap on probate fees. Under the South Carolina Code, the probate fee is $845 on the first $600,000 of estate assets plus $0.0025 in excess of $600,000. For example, for a decedent with probate assets titled in the decedent’s name of $1,000,000, the filing fee is $2,845 ($845 + .0025 x $400,000). For decedent with zero probate assets and $1,000,000 of assets titled in the name of decedent’s revocable trust, the probate fee for assets of $0 to $4,999 is $25. The difference between funding a revocable trust and not funding a revocable trust can be significant.

    To fund a revocable trust consider changing ownership and titling of accounts such as bank, brokerage, stocks, bonds, and real estate; assigning rights in certain assets such as tangible personal property, notes receivable, partnership and LLC interests; and updating beneficiaries for life insurance.

    The Trusts and Estates Group of Johnson Allison Hord is available to assist with funding revocable trusts in both North Carolina and South Carolina to minimize probate fees.

    Group Members

    • S. Kyle Agee
      S. Kyle Agee

      Partner

    • Heather G. Carson
      Heather G. Carson

      Attorney

    • Ray S. Farris
      Ray S. Farris

      Of Counsel

    • H. “Morry” Morrison Johnston
      H. “Morry” Morrison Johnston

      Of Counsel

    • David T. Lewis
      David T. Lewis

      Partner

    • Lauren S. Martin
      Lauren S. Martin

      Attorney

    • Holly B. Norvell
      Holly B. Norvell

      Partner

    • Stacy M. Reid Monroe
      Stacy M. Reid Monroe

      Attorney

    • J. Darrell Shealy
      J. Darrell Shealy

      Partner

    • N. “Lucy” Lucille Siler
      N. “Lucy” Lucille Siler

      Partner

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