Full question:
My father passed away recently. He has a life Insurance policy but they said they have very little info on the beneficiary, as the policy was set up 12-15 yrs ago in another state. My father has lived in South Carolina for 11 yrs. If they don't find the beneficiary it will defer to the state. Is the time period for SC 3,4, or 5 years before it is deferred? Also how would I go about claiming it, as I am his next of kin?
- Category: Wills and Estates
- Subcategory: Probate
- Date:
- State: South Carolina
Answer:
In South Carolina, an insurance policy beneficiary usually receives the benefits directly, bypassing probate. However, the insurance company may ask for documentation, such as an heirship affidavit or letters testamentary, before releasing the funds.
If the estate is valued at ten thousand dollars or less, you can use a simplified process to collect assets through an heirship affidavit. This affidavit must be presented thirty days after the decedent's death and must include several statements, such as:
- The total value of the estate does not exceed ten thousand dollars.
- Thirty days have passed since the decedent's death.
- No personal representative has been appointed.
- The claimant is entitled to the property.
Once you have the affidavit, you can present it to the insurance company or any entity holding the decedent's property to claim the benefits. For more details, you can refer to South Carolina statutes, specifically § 62-3-1201 and § 62-3-1203.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.