Financial Plan Of Conservator

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Financial Plan Of Conservator is a commonly used form within South Carolina. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Financial Plan Of Conservator

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Financial Plan Of Conservator:

• This form pertains to the State of South Carolina

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about South Carolina’s Form 566GC - Financial Plan Of Conservator up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct South Carolina form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some South Carolina probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form 566GC, take a break, and then review. Probate and estate settlement processes in SC are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form 566GC online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form 566GC witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Financial Plan Of Conservator to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in South Carolina.

5 reasons you should submit 566GC as quickly as possible:

1. The sooner you begin, the faster South Carolina can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in South Carolina. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of South Carolina is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for South Carolina probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local South Carolina probate clerk or court for exact answers regarding Form 566GC, and when in doubt— consult a qualified trust & estates lawyer for that area.

Financial Plan Of Conservator is one of the many probate court forms available for download through Atticus.

It may also be available through some South Carolina probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within South Carolina.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form 566GC - Financial Plan Of Conservator f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the South Carolina probate court office.

Financial Plan Of Conservator is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any South Carolina-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on South Carolina Form 566GC - Financial Plan Of Conservator. You can use this to get an idea of the context of the form and what type of information is needed.

FORM #566GC (01/2019) Page 1 of 5 62-5-414, 62-5-416, 62-5-423 STATE OF SOUTH CAROLINA ) ) COUNTY OF ______________________________ ) ) ) IN THE MATTER OF: ) PROBATE COURT USE ONLY ) ______________________________________, ) CASE NUMBER _________-GC-________-__________ a protected person. ) ) FINANCIAL PLAN OF CONSERVATOR INITIAL FINANCIAL PLAN AMENDED FINANCIAL PLAN # 1. What steps will you take to develop or restore the Protected Person’s ability to manage his/her property or business affairs? 2. This Financial Plan outlines expenditures for the health, education, maintenance, and support of the Protected Person only. OR This Financial Plan outlines expenditures for the health, education, maintenance, and support of the Protected Person and his/her dependent(s). 3. The Protected Person has _____ (number of) dependent(s). [A “dependent,” which may include a spouse or child, is someone the Protected Person is legally obligated to support (e.g., child support, alimony) or who depends on the Protected Person (e.g., child attending college, adult disabled child).] Dependent’s Name: Relationship to Protected Person: Address: 4. How long do you expect this conservatorship will be needed? Explain: 5. Can the Protected Person effectively understand information about his/her estate to the extent that he/she can participate in decision making with your assistance? YES NO Explain: 6. Does the Protected Person have an estate plan (will, trust, jointly owned assets)? YES NO If YES, attach a copy of the document(s). 7. Does the Protected Person have sufficient mental capacity to understand this Financial Plan? YES NO If YES, you must provide a copy of this Financial Plan to the Protected Person. 8. Does the Protected Person have a Guardian? YES NO If YES, you must provide a copy of this Financial Plan to the Guardian. FORM #566GC (01/2019) Page 2 of 5 62-5-414, 62-5-416, 62-5-423 PART I. PROJECTED RESOURCES AND EXPENSES A. MONTHLY RESOURCES TOTAL CURRENT INVESTMENTS (If this is the Initial Financial Plan, use the total from Schedule B of your Inventory and Appraisement. If this is an Amended Financial Plan, provide the current total of all stocks, bonds, notes, receivables, checking and savings accounts, certificates of deposit, mutual funds, retirement accounts, etc.) TOTAL MONTHLY INCOME a. Earnings from Employment (including overtime, tips, commission, bonuses) b. Pensions, Retirement, and Annuities Income c. Social Security Benefits, VA Benefits, Disability and Worker’s Compensation Benefits d. Child Support and Alimony e. Dividends, Interest, Trust Income, and Capital Gains f. Rental Income and Business Profits g. All types of Monthly Income from Dependent claimed on this Financial Plan h. Other: SUBTOTAL $ MONTHLY INCOME DEDUCTIONS a. Payroll Taxes, Social Security, and Medicare b. Other (e.g., retirement contributions, deferred compensation): SUBTOTAL $ AVERAGE MONTHLY INCOME (Subtract the Subtotal of the Monthly Income Deductions from the Subtotal for the Total Monthly Income) $ B. MONTHLY EXPENSES Consider only the expenses related to the Protected Person and his/her dependents claimed on this Financial Plan. a. RENT OR HOME MORTGAGE PAYMENT Are real estate taxes included? YES NO If NO, specify the monthly cost. (Annual amount divided by 12) Is property insurance included? YES NO If NO, specify the monthly cost. (Annual premium divided by 12) b. UTILITIES: Electricity and heating fuel Water and sewer Telephone Internet Other: c. Home maintenance (repairs and upkeep): d. Food e. Clothing FORM #566GC (01/2019) Page 3 of 5 62-5-414, 62-5-416, 62-5-423 f. Laundry and dry cleaning g. Medical and dental expenses h. Transportation i. Recreation, entertainment, newspaper, magazines, etc. j. Charitable contributions: k. INSURANCE: Renter’s insurance Life insurance Health insurance Auto insurance Other: l. Personal property taxes m. INSTALLMENT PAYMENTS: Automobile loan Other: Other: Other: n. Guardian fees o. Conservator fees p. Legal fees q. Other professional fees r. Regular expenses from operation of business, profession, or farm: AVERAGE MONTHLY EXPENSES $ MONTHLY NET INCOME OR DEFICIT Average Monthly Income $ Average Monthly Expenses - $ MONTHLY NET INCOME (Subtract Average Monthly Expenses from Average Monthly Income) $ PART II. PROJECTED SUFFICIENCY OF CONSERVATORSHIP ASSETS 9. Is the Protected Person’s Average Monthly Income sufficient to meet his/her monthly expenses? (NOTE: If the Monthly Net Income above is a positive number, check YES.) YES NO (If YES, please skip to the PROOF OF DELIVERY.) 10.Are the Protected Person’s current investments sufficient to supplement the difference between the Protected Person’s Average Monthly Income and the Protected Person’s Average Monthly Expenses on an annual basis? (NOTE: If the Total Current Investments is greater than the deficit in the Monthly Net Income, check YES.) YES NO (If NO, skip to Question 12.) 11. How many years will the Protected Person’s current investments be sufficient to meet this deficit? (Divide the Total Current Investments by the value of the Monthly Net Income from above.) Years 12.What steps are you taking to provide for the Protected Person’s current and future needs when the assets are no longer sufficient to meet the needs of the Protected Person and his/her dependents? 13.Does this Financial Plan alter the overall estate plan of the Protected Person? YES NO If YES, explain how and why the changes are necessary. FORM #566GC (01/2019) Page 4 of 5 62-5-414, 62-5-416, 62-5-423 PROOF OF DELIVERY On the _____ day of ________________, 20_____, I mailed or delivered this Conservator Report to all persons required to receive a copy pursuant to S.C. Code Ann. § 62-5-416(C) and any Orders of this Court. Delivery was accomplished by the following method (check appropriate box(es)): personal delivery ordinary first-class mail certified mail registered mail commercial delivery NAME ADDRESS VERIFICATION The Conservator being sworn, states that the facts set forth in the foregoing Financial Plan are true and correct to the best of the Conservator’s knowledge. SWORN to before me this day of Conservator’s Signature: _____________________, 20 . Print Name: Address: Print Name: Preferred Telephone: Notary Public for: Secondary Telephone: (State) Email: My Commission Expires: (Date) SWORN to before me this day of Co-Conservator’s Signature: _____________________, 20 . Print Name: Address: Print Name: Preferred Telephone: Notary Public for: Secondary Telephone: (State) Email: My Commission Expires: (Date) FORM #566GC (01/2019) Page 5 of 5 62-5-414, 62-5-416, 62-5-423 STATE OF SOUTH CAROLINA ) ) COUNTY OF ________________________________ ) ) ) IN THE MATTER OF: ) PROBATE COURT USE ONLY ) ___________________________________________, ) CASE NUMBER ________-GC-__________-__________ a protected person. ) ) ) ORDER CONCERNING THE FINANCIAL PLAN OF CONSERVATOR PURSUANT TO S.C. CODE ANN. § 62-5-414(B), the Probate Court has reviewed and considered the Financial Plan of the Conservator, and therefore orders: The Financial Plan is APPROVED. Pursuant to S.C. Code Ann. § 62-5-423, the Conservator may expend or distribute sums from the Protected Person’s estate without further Court authorization only if: (1) the expenditures are for the health, education, maintenance, or support of the Protected Person or the Protected Person’s dependents; and (2) all expenditures are consistent with this Financial Plan. The Financial Plan is NOT APPROVED because: ___________________________________________________________________________________. The Conservator shall revise and resubmit the Financial Plan within _____ days. The Financial Plan is modified, as follows: ___________________________________________________________________________________. Other: ___________________________________________________________________________________. IT IS SO ORDERED. ____________________________________, Judge of Probate _____ day of ________________, 20_____ ______________________, South Carolina