Q: My dad lives in my home. We co-own a car & joint checking acct. His IRA lists me as sole beneficiary. Do I need probate?
We live in South Carolina and I care for him full time. To make things easy for everyone we are trying to plan so that probate can possibly be avoided. He owns no property and has no other assets. The joint checking acct has $75,000. He has a will that indicates all his belongings in the house are mine. As residents of South Carolina when he passes do I need to file for probate since all assets are co-owned with me or establish me as sole beneficiary?
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A: Probably no probate would be needed. But he might change the bank signature card or put money elsewhere before he dies.
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