How do I get date-of-death valuations for a deceased person’s investment accounts during estate administration? – South Carolina

Short Answer

The court-appointed personal representative should request a written date-of-death valuation from each financial institution holding an investment account. The request usually requires proof of death, current letters of appointment, account-identifying information, and authorization for delivery to the law firm. South Carolina generally requires the probate inventory and appraisement within 90 days after the personal representative’s appointment.

Understanding the Problem

The narrow question is how a personal representative administering a South Carolina estate can obtain the value of each investment account as of the account owner’s death. The process begins after the Probate Court appoints the personal representative and becomes time-sensitive because the values may be needed for the estate’s inventory and appraisement.

Apply the Law

South Carolina requires the personal representative to identify probate property, describe it with reasonable detail, and report its fair market value as of the date of death. For an investment account, that generally means obtaining an account-specific report showing the securities, cash, and other positions held on that date and the institution’s calculated value. The inventory goes to the Probate Court in the county handling the estate.

Key Requirements

Legal authority: The requester must establish that the Probate Court appointed the personal representative. A law firm’s staff may assist, but the institution may require the personal representative’s signature or written authorization.
Account-specific request: Each request should identify the account by its masked account number, registration, and account type. Institutions often create a separate service case for every account.
Correct valuation date: The request must ask for fair market value as of the date of death, not the current balance, transfer value, or value on the date the account was closed.
Complete valuation record: The response should identify each security or fund, the quantity held, the price or valuation method used, cash and money-market balances, and the total account value.
Timely probate filing: The personal representative generally must file the original inventory and appraisement within 90 days after appointment. The court may extend that period upon application.

The personal representative has the right and duty to take control of estate property and may hire attorneys and other agents to help with administration. If a value remains uncertain, South Carolina law permits the use of a qualified, disinterested appraiser. Additional guidance appears in this overview of preparing a South Carolina probate inventory and appraisal.

What the Statutes Say

S.C. Code Ann. § 62-3-706 (Inventory and Appraisement) – Requires reasonably detailed descriptions and date-of-death fair market values for probate property, generally within 90 days after appointment.
S.C. Code Ann. § 62-3-707 (Employment of Appraisers) – Allows the personal representative to use qualified, disinterested appraisers when determining an asset’s value.
S.C. Code Ann. § 62-3-708 (Supplementary Inventory) – Requires a corrected or supplemental inventory when property or valuation information was omitted, incorrect, or misleading.
S.C. Code Ann. § 62-3-709 (Possession and Control of Estate Property) – Gives the personal representative authority and responsibility to take control of estate property and preserve it during administration.

Analysis

Apply the Rule to the Facts: The prior request appropriately sought account values as of the date of death, but an unopened request does not provide the documentation needed for the probate inventory. Creating a separate case for each account helps satisfy the account-identification requirement and provides individual tracking numbers. Fax delivery to the firm may work if the institution has the firm’s secure fax information and authorization to release records there. The firm should compare every response with the account list to confirm that no account or position is missing.

Process & Timing

Who files: The court-appointed personal representative files the inventory, with the law firm assisting as authorized. Where: The Probate Court handling the South Carolina estate. What: The court’s current Inventory and Appraisement form, supported in the estate file by the valuation letters or reports. When: Generally within 90 days after the personal representative’s appointment.
Send complete valuation requests: Provide the institution with a certified death certificate if required, current letters of appointment, the personal representative’s identification, the account number, and any institution-specific deceased-account form. State that the request is for the account’s date-of-death value and authorize delivery to the firm’s secure fax.
Track each account separately: Record every case number, submission date, delivery method, and follow-up date. Ask whether the request is complete and whether another department, such as an estate-services or brokerage-records unit, must calculate the value.
Review the response: Confirm that the report uses the correct valuation date and covers all securities, funds, cash, and other positions. If the date fell on a day when markets were closed, use the institution’s formal valuation rather than substituting a nearby monthly-statement balance.
File or correct the inventory: Report probate accounts on the inventory with reasonable detail. If a valuation arrives after filing or shows that an earlier value was wrong, submit a supplementary or corrected inventory to the Probate Court.

Exceptions & Pitfalls

Probate versus nonprobate ownership: An account with a surviving joint owner, beneficiary designation, or trust registration may pass outside probate. Its classification should be confirmed before placing it on the probate inventory.
Current balance instead of historical value: A current statement may reflect market changes, transactions, or distributions after death. The request should specifically say “date-of-death fair market value.”
Incomplete account coverage: One institution may maintain brokerage, retirement, managed, and cash accounts in different systems. A separate case for each account helps prevent omissions.
Insufficient authority: A death certificate alone usually does not establish authority to receive protected account information. Current letters of appointment and any required authorization should accompany the request.
Delivery problems: Confirm the fax number, recipient, and transmission status. Keep the fax confirmation and follow up using each account’s service-case number.
Later corrections: Do not leave a known error on the inventory. South Carolina requires a supplementary or corrected filing when the personal representative discovers missing property or misleading valuation information.

Conclusion

South Carolina estate administration requires probate investment accounts to be reported at fair market value as of the date of death, supported by reliable account-specific information. Separate requests and tracking cases are appropriate when several accounts exist, but each response must cover the correct account, date, and holdings. The personal representative should obtain the institution’s written valuation and file the Inventory and Appraisement with the Probate Court within 90 days after appointment, unless the court grants an extension.

Talk to a Probate Attorney

If an estate is waiting for investment-account valuations or facing an approaching inventory deadline, our firm has experienced attorneys who can help clarify the required documents, follow-up process, and South Carolina probate timeline.

Disclaimer: This article provides general information about South Carolina law based on the single question stated above. It is not legal advice for your specific situation and does not create an attorney-client relationship. Laws, procedures, and local practice can change and may vary by county. If you have a deadline, act promptly and speak with a licensed South Carolina attorney.