An accounting by a fiduciary usually involves an inventory of assets, debts, income, expenditures, and other items, which is submitted to a court. Such an accounting is used in various contexts, such as administration of a trust, estate, guardianship or conservatorship. Generally, a prior demand by an appropriate party for an accounting, and a refusal by the fiduciary to account, are conditions precedent to the bringing of an action for an accounting.
South Carolina Petition to Require Accounting from Testamentary Trustee
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SECTION 62-5-101. Definitions and use of terms. Unless otherwise apparent from the context, in this article: (1) "Adult" means an individual who has attained the age of eighteen or who, if under eighteen, is married or has been emancipated by a court of competent jurisdiction.
Revocation or amendment of revocable trust. (a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.
SECTION 62-7-102. Scope. This article applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.
(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.
Methods of creating trust. (iii) exercise of a power of appointment in favor of a trustee. (2) To be valid, a trust of real property, created by transfer in trust or by declaration of trust, must be proved by some writing signed by the party creating the trust.
SECTION 62-7-412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
In South Carolina, the elective share statute provides that the surviving spouse has the right to claim 1/3 of the deceased spouse's ?probate estate.? Unlike the North Carolina elective share, the South Carolina elective share is fixed at 1/3 and does not increase over time based upon the length of marriage.
SECTION 62-2-207. Charging spouse with gifts received; liability of others for balance of elective share. (8) in a revocable inter vivos trust created by the decedent.