Estate Planning in South Carolina, 2nd Edition, Volume V Out of Stock
$85.00
$85.00
$85.00
Product Details
Principal Authors: James C. Hardin III and S. Alan Medlin
© 2018
The South Carolina Trust
Code (SCTC) became
effective January 1, 2006. It is the most significant codification of the law
affecting estate planners and probate lawyers since the introduction of the
South Carolina Probate Code in 1987.
The SCTC codifies or
recodifies some of the existing South Carolina statutory and common law,
clarifies some issues not previously dealt with legislatively or judicially in
South Carolina, and changes some of the existing South Carolina law. This
important and timely publication explains the SCTC in depth, discusses how it
affects South Carolina Trust law, and advises practitioners about the SCTC's
impact on the estate planning and probate practice.
The second edition of
this book not only updates the SCTC issues discussed in the first edition, but
also discusses the most significant provisions of recent substantial amendments
to the SCTC.
One significant
amendment affected a substantial change to existing South Carolina trust law:
the statutory implementation of the unitrust provides an additional tool to a
trustee wrestling with the incessant fiduciary problem of fairly and properly
allocating trust receipts among trust income and principal beneficiaries.
The amendments describe the methods by which a trustee can convert to a
unitrust and reconvert from a unitrust.
In addition to enhancing
flexibility for the allocation of trust receipts and distributions by
introducing unitrust powers to South Carolina law, the amendments attempted to
eliminate what was potentially a significant limitation on the receipt
allocation flexibility of the power to adjust, which before the amendments
probably did not take full advantage of the opportunities stemming from a
liberalization of federal tax rules.
Another significant
addition to a trustee's flexibility arsenal came with the adoption of statutory
rules allowing a trustee exercising a power of distribution to create a second
trust-a concept popularly known as decanting.
In this important
publication, the authors have included an Appendix of 38 suggested forms for
drafting and administering trusts under the SCTC. Some sample forms found in
the book include notice; proof of delivery; summons; motion for transfer of
venue/principal place of administration; trustee's notice to beneficiaries;
proposal for distribution; notice of existence of trust; receipt, distribution
agreement and release; draft language to settle accounts; draft language
setting forth material purpose of trust; waiver of notice - decanting; and many
more!
Each purchase of this
book comes with a complete PDF download of included forms.
Summary of Contents:
o General Provisions and
Definitions
o Judicial Proceedings
o Representation
o Creation, Validity, Modification,
and Termination of Trusts
o Creditors' Claims; Spendthrift and Discretionary
Trusts
o Revocable Trusts
o Office of the Trustee
o Duties and Powers of Trustee
o South Carolina Uniform Prudent
Investor Act; South Carolina Uniform Principal and Income Act
o Liability of Trustees and Rights of
Persons Dealing with Trustee
o Miscellaneous Provisions
o Drafting and the South Carolina
Trust Code
o Appendix- Suggested Forms for
Drafting and Administering Trusts Under the South Carolina Trust Code
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