What records do I need to prepare an estate inventory? – South Carolina

Short Answer

To prepare a South Carolina estate inventory, gather records that prove each probate asset’s ownership, fair market value on the date of death, and any loan or lien secured by that asset. Important records include date-of-death bank and investment statements, deeds, vehicle titles, mortgage and loan balances, ownership and beneficiary documents, and appraisals when value is uncertain. The personal representative generally must file the inventory within 90 days after appointment.

Understanding the Problem

In South Carolina, the personal representative must determine which property belonged to the decedent, which assets pass through probate, and what each probate asset was worth on the date of death. The immediate issue is what records the personal representative should provide to the law firm when several financial institutions are involved and some date-of-death statements remain missing. The appointment date also matters because it starts the estate inventory filing period.

Apply the Law

South Carolina requires the personal representative to list probate property with reasonable detail, report each item’s fair market value as of the date of death, and disclose the type and amount of any encumbrance affecting it. The inventory is filed with the Probate Court handling the estate, ordinarily in the county where the decedent lived. It is generally due within 90 days after the personal representative’s appointment, not 90 days after the death or creation of the estate identification number.

Key Requirements

• Proof of ownership: Gather account registrations, deeds, titles, certificates, contracts, and other records showing that the decedent owned the property or an interest in it.
• Date-of-death value: Obtain statements or valuation letters showing the balance or fair market value on the date of death. A current balance usually does not establish the required historical value.
• Probate classification: Review joint-owner, payable-on-death, transfer-on-death, trust, and beneficiary records to determine whether the property belongs on the probate inventory.
• Secured debt information: Collect mortgage, vehicle loan, or other lien records showing the type and amount of the encumbrance affecting a listed asset.
• Reasonable detail: Provide enough identifying information to distinguish each asset while avoiding unnecessary public disclosure of complete account numbers.

A practical records checklist includes:

• Bank, credit union, certificate of deposit, and money market statements covering the date of death;
• Brokerage and investment statements, including the number and type of securities held;
• Retirement account and life insurance records showing owners and named beneficiaries, even when later review establishes that the asset is nonprobate;
• Recorded deeds, property descriptions, ownership percentages, appraisals, and date-of-death mortgage balances;
• Vehicle, boat, trailer, and similar titles, together with value information and secured loan balances;
• Business ownership agreements, financial records, and valuation materials;
• Lists and appraisals for valuable jewelry, collections, equipment, or other tangible personal property; and
• Probate appointment documents, the estate case number, and the estate identification-number confirmation for administrative tracking.

The estate identification-number creation date may help reconcile the estate’s administrative records, but it does not determine the inventory deadline or the value of the decedent’s property. Funds transferred into an estate account after death should be traced back to the original asset so the same money is not listed twice.

What the Statutes Say

• S.C. Code § 62-3-706 (Inventory and Appraisement) – Requires reasonable detail, date-of-death fair market values, encumbrance information, and filing within 90 days after appointment.
• S.C. Code § 62-3-707 (Employment of Appraisers) – Allows the personal representative to use qualified, disinterested appraisers for assets that need valuation assistance.
• S.C. Code § 62-3-708 (Supplementary Inventory) – Requires a corrected or supplemental inventory when omitted property or materially incorrect information is discovered.
• S.C. Code § 62-3-201 (Probate Venue) – Generally places the estate proceeding in the county where the decedent was domiciled at death.

Analysis

Apply the Rule to the Facts: Because several institutions hold accounts, the personal representative should obtain a statement or written valuation from each provider showing ownership and the balance as of the date of death. Missing statements should be requested promptly, and beneficiary or joint-ownership records should be reviewed before classifying an account as probate property. The law firm should also confirm the personal representative’s appointment date because that date starts the 90-day filing period; the estate identification-number creation date serves a different administrative purpose.

For a deeper discussion of financial accounts, see how to identify and inventory bank and brokerage accounts in South Carolina.

Process & Timing

1. Who files: The personal representative. Where: The South Carolina Probate Court handling the estate, ordinarily in the decedent’s county of domicile. What: The court-approved Inventory and Appraisement form, commonly identified as Form 350ES or the streamlined version accepted for the estate. When: Within 90 days after appointment, unless the court grants an extension.
2. Collect and reconcile records: Request date-of-death statements, valuation letters, deeds, titles, ownership records, and secured loan balances. Compare the records against mail, prior statements, and account correspondence to locate omissions and prevent duplicate entries.
3. Classify and value property: Separate probate property from assets passing by beneficiary designation, survivorship, or trust terms. Use a qualified, disinterested appraiser when reliable market value cannot be established from ordinary records.
4. File and update: File the completed inventory with the Probate Court and send a copy to any interested person who properly demanded notice. If additional property or an incorrect value later comes to light, file a supplemental or corrected inventory.

Exceptions & Pitfalls

• Using the wrong valuation date: Post-death deposits, withdrawals, market changes, and estate expenses can make a current statement different from the required date-of-death value.
• Confusing probate and nonprobate property: An account appearing in the decedent’s records may pass directly to a joint owner or named beneficiary. Ownership and beneficiary documents must be checked before listing it as probate property.
• Listing unsecured debts as asset encumbrances: The inventory should identify liens tied to particular property. Ordinary bills and unsecured claims generally do not reduce an asset’s listed fair market value as an encumbrance.
• Double counting transferred funds: Money moved from a decedent-owned account into an estate account remains traceable to the original asset and should not be counted as two separate date-of-death assets.
• Overlooking partial interests: Deeds and business records may show that the decedent owned only a fractional interest rather than the entire property.
• Missing the amendment duty: Discovering another account or a materially incorrect value after filing usually calls for a supplemental or corrected inventory.

Conclusion

A South Carolina estate inventory requires reliable records showing which probate assets the decedent owned, their fair market values on the date of death, and any liens attached to them. Date-of-death statements, deeds, titles, beneficiary records, loan balances, and appropriate appraisals provide the necessary support. The controlling deadline is generally 90 days after the personal representative’s appointment. Send the complete records package to the law firm promptly so it can prepare the inventory for filing with the Probate Court by that deadline.

Talk to a Probate Attorney

If an estate has missing account statements, uncertain ownership, or difficult valuation issues, our firm has experienced attorneys who can help identify the required records, classify the assets, and address South Carolina probate deadlines.

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.