How does a trust work in SC?
A trust allows you to bypass probate in any state in which you own property as long as you include the asset in your trust. South Carolina has adopted the Uniform Probate Code so its procedures are more simplified than many states.
Who is the beneficiary in a trust arrangement?
A trust beneficiary can be a person, a company or the trustee of another trust. The trustee may also be a beneficiary, but not the sole beneficiary unless there is more than one trustee.
Can you add a beneficiary to a trust account?
You can also name contingent beneficiaries in the revocable trust itself. With a normal POD account, you can only name one beneficiary, which means if your primary beneficiary has predeceased you, the account would fall into your estate and enter the probate process.
Who is the settlor of a trust in South Carolina?
If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that portion.
Who are the beneficiaries of a trust fund?
A beneficiary is a person or entity who is entitled to an estate once the settlor/grantor dies. In the world of Trust & Estates, a Trust vehicle has stipulations by a Trustor/Settlor/Grantor to distribute assets to heirs and beneficiaries.
What does express trust mean in South Carolina?
The term ‘express trust’ includes both testamentary and inter vivos trusts, regardless of whether the trustee is required to account to the probate court, and includes, but is not limited to, all trusts defined in Section 62-1-201(49).
What’s the duty of a trustee to a beneficiary?
A Trustee is under a strict fiduciary duty to the beneficiaries to keep them up-to-date as to the progress of the Trust Administration process. Note: Have you waived your rights to an account and report?
When to fund a living trust in South Carolina?
A living trust (revocable trust) is a written document that you create with the assistance of your South Carolina estate lawyer during your lifetime. You may choose to fund it during your lifetime, or leave it unfunded until your death. By “fund it,” that means that you actually make it the legal owner of your assets.
Who is the beneficiary of a trust Trust?
This person or entity has legal title to the assets for someone else, also known as the beneficiary. This is a legal arrangement where the grantor transfers legal ownership of the assets. The trustee manages the assets on behalf of the recipient.
What makes a trust impartial in South Carolina?
Impartiality. If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries’ respective interests.
Who is the successor trustee in South Carolina?
You must agree to be successor trustee. Even if you are named as the successor by the settlor, you do not have to accept. If you do agree, you are bound by the specific terms of the instrument and the South Carolina laws governing trusts and trustees.