South Dakota Inheritance Loans and Probate Advance Law
Probate is simply a legal process that allows for the transfer of property from a decedent to an heir according to the directives in the decedent’s last will and testament. When an estate goes through probate, a court oversees how the estate is managed, bills are paid, and how assets are distributed. South Dakota probate laws are similar to the laws in other states, but there are important differences that anyone going through probate should know.
What are South Dakota Probate Laws?
South Dakota probate laws are based on the Uniform Probate Code that is designed to simplify the probate process. Even so, it is highly recommended that anyone who is administering an estate in probate in South Dakota hires a skilled and experienced probate attorney to help them. A probate lawyer knows the laws, the forms that must be filed and the deadlines to which you must adhere for probate to complete.
What is the Probate Process in South Dakota?
The probate process in South Dakota basically has a series of steps that must be followed. The process begins when the court is petitioned to probate a will. The court will determine if the last will and testament of the deceased is valid. If the will is valid, an executor is assigned to administer the case. Typically, the executor is named in the will, but if there is no will or if an executor was not named, the court can assign a personal representative or case administrator.
A Notice of Probate must be issued to all estate heirs and beneficiaries, and notice must be published to provide creditors who are owed a debt to make a claim against the estate. Then, the personal representative or executor of the will must locate, inventory, and appraise all estate assets and submit this to the court.
The estate will then be required to file the decedent’s final taxes and the estate taxes and pay any taxes owed, and then pay all legitimate debts according to South Dakota law. Assets may need to be sold in order to cover the debts. Other costs associated with probate include bond premiums, publishing costs for notices, court costs, and attorney fees.
The final step is to divide the estate according to the directives contained in the last will and testament, or according to South Carolina law if there is no will, and then distribute the assets to each distributee, after which probate is closed.
During probate, the executor has many tasks to complete, forms to file, and deadlines to meet, and while they administer the estate, the court maintains control and can hold the executor liable for any errors or omissions.
What Property Must Go Through Probate in South Dakota?
Property must go through probate in South Dakota unless the estate is comprised of personal property that when valued together is worth $25,000 or less. These ‘small estates’ can be transferred to an heir per affidavit, though the estate must still pay taxes and debts.
Other properties that may not go through the South Dakota are those that transfer automatically when you die such as those held in joint tenancy with right of survivorship, such as a home or real estate, and those that have a designated beneficiary, such as:
- Certificates of deposit
- Checking and savings accounts
- Life insurance policies
- Other investments with named beneficiaries
- Retirement accounts
How Can You Avoid Probate in South Dakota?
Unless your estate falls below the threshold to qualify for small estate designation, you can avoid probate by planning before your death. You can create a living trust which will allow your estate to pass to your heirs and beneficiaries automatically at your death. Though your assets are held in trust, you remain in control of those assets for as long as you are alive and are able to manage the trust. Because probate can become quite costly and take more than a year to complete, a living trust could be one of the better ways to avoid probate.
How Can You Access South Dakota Inheritance Funds Right Away?
With Probate Advance you can access South Dakota inheritance funds right away without having to wait for the lengthy probate process to complete. You may be eligible to collect your inheritance funds in as little as two days instead of waiting years for probate to close. With an inheritance advance from Probate Advance, there are no rules about how you can spend your money, and the process is simple and fast.
Best of all, when you get a probate advance with Probate Advance, you don’t have to worry about credit checks, interest, payment plans, or hidden fees because you’re not getting a loan, you’re getting an advance on your inheritance. Basically, we wait for probate to close, so you don’t have to. You can get your money now, and when probate closes, we collect.
Do You Qualify for an Inheritance Cash Advance?
It doesn’t take long at all to find out if you qualify for an inheritance cash advance with Probate Advance. You may qualify for a probate advance if you are an heir or beneficiary to an estate that currently in the probate process in South Dakota. Just imagine, you can have your inheritance funds to do all those things you have wanted to do instead of having to wait, and wait, and wait.
What Do You Need to Receive a Probate Advance in South Dakota?
All you need to receive a probate advance in South Dakota is to be verified as an heir or beneficiary to an estate. We need some basic information about you and about the probate case, and then we can issue your check or transfer your funds directly to your account in 24 to 48 hours.
What Areas of South Dakota Qualify for an Inheritance Advance?
Probate Advance provides inheritance advances in all cities and town in South Dakota, including, but limited to:
- Sioux Falls
- Rapid City
Don’t forget to check out our resources if you want to learn more about this process and inheritance law in South Dakota.
South Dakota Probate Resources
- South Dakota Probate
- South Dakota State Bar Probate Information
- Title 29 South Dakota Uniform Probate Code