What happens to retirement benefits in an intestate succession?

In South Carolina, if a person dies without leaving a will, the process is called intestate succession. This means the estate of the deceased is distributed according to state law. When it comes to retirement benefits, these assets will be included in the estate. If the deceased was a member of a retirement plan, such as a 401(k), the beneficiaries of the estate will be entitled to the funds. Any remaining retirement plan funds will be included in the probate process and distributed accordingly. In addition, if the deceased was receiving Social Security benefits, the surviving spouse may still be able to receive these benefits. Additionally, depending on the type of retirement plan, the surviving spouse may be allowed to keep the benefits in their name or transfer the funds to their own retirement account. Finally, it is important to note that there may be tax implications when it comes to inheriting retirement benefits. Therefore, it is recommended that anyone who is a beneficiary of an estate consult with a financial advisor to ensure that they are aware of any potential taxes that may be due. Additionally, it is also important to confirm that the estate is legally distributed according to the intestate succession law in South Carolina.

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