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A South Carolina living trust can be an important part of your estate planning. A revocable living trust (also known as an inter vivos trust) allows you to use and control your assets during life and control their disposition after death. Living trusts in South Carolina.
Whether or not the trustee can withhold funds from you depends on the terms of the trust itself. If the trust requires withholding distributions under certain circumstances, such as the beneficiary reaching a specific age, the trustee must follow those stipulations.
Certification of trust. (7) the manner of taking title to trust property. (b) A certification of trust may be signed or otherwise authenticated by any trustee.
Assuming all beneficiaries agree to the final accounting, to the plan of distribution, and to sign the Receipt, Release, & Refunding Agreement, the trust may be terminated without court authorization. Alternatively, it may be necessary to obtain a court order to approve the accountings and terminate the trust.
SECTION 62-7-411. Modification or termination of noncharitable irrevocable trust by consent with court approval.
SOUTH CAROLINA TRUST CODE. Section 62-7-813 - Duty to inform and report. (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.
(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.