South Carolina Trustee Information
Description
How to fill out South Carolina Trustee Information?
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FAQ
While a will must become public record when it is probated, a trust need not enter the public record.
As a beneficiary, you are entitled to a trustee who performs his or her duties in a reasonable amount of time, protects the trust assets for your benefit and treats you with respect. The trustee is required to put your interests and the trusts before the trustee's interest.
The South Carolina living trust is a legal instrument used to avoid probate during the disposition of an estate. The Settlor will place their property into the trust and assign a Trustee to manage it (the Settlor can put themselves as Trustee during their lifetime).
When executing their trust, settlors generally name themselves as the sole trustee and beneficiary while they are living; this allows them to exercise full control over the trust and its assets during their lifetime, as well as to withdraw trust funds as they see fit.
A trustee who steals from a trust can be charged with breaching fiduciary duty?failing to act faithfully to benefit a person or group?resulting in potential civil and criminal charges. If you suspect a trustee is stealing from a trust, it's important to gather as much evidence as possible.
The South Carolina revocable living trust form is a legal document in which the Grantor plans out the distribution of their estate and places their assets into a trust. By creating a living trust, the Grantor enables the named Beneficiaries to avoid probate court proceedings and keeps the estate's distribution private.
What types of fiduciary duties does a trustee have to the beneficiaries? The fundamental duties of a trustee are as follows: (1) the duty of good faith and loyalty; (2) the duty of reasonable skill and diligence; (3) the duty to give personal attention; and (4) the duty to keep and render accounts.
Generally speaking, a trustee cannot withhold money from a beneficiary unless they are acting in ance with the trust. If the trust does not indicate any conditions for dispersing funds, the trustee cannot make them up or follow their own desires.