One of the biggest concerns for many people who have just lost a loved one is the cost of probate, also known as the legal procedure through which a person’s assets are distributed either under the terms of a will or not. Probate can be a long and expensive process, which is why many people choose trusts and other probate-avoidance estate planning tools. But what happens when someone dies without a trust and you don’t know if you need to open a probate?
South Dakota law offers a legal proceeding called “special administration” that allows a person to get appointed as a special administrator for, among other reasons, determining the value of a decedent’s estate. If the estate is valued at more than $50,000, then it is likely you would have to open a probate. If not, then the estate can be managed in a very inexpensive way.
With all of that being said, just remember that you don’t always have to open a potentially expensive probate – there is another “special” way! The attorneys at Goosmann Law are ready to guide you down the right path and help you make the decision for what is right for you, so that you can focus on what’s WORTH IT!