Current as of: 2009
In this article: (1) "Action," with respect to an act of a trustee, includes a failure to act. (2) "Beneficiary" means a person that: (A) has a present or future beneficial interest in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a power of appointment over trust property; or (C) In the case of a charitable trust, has the authority to enforce the terms of the Trust. (3) "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in Section 62-7-405(a). (4) "Conservator" means a person appointed by the court to administer the estate of a protected person. (5) "Environmental law" means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment. (6) "Guardian" means a person appointed by the court to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. The term does not include a guardian ad litem or a statutory guardian. (7) "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust. (8) "Jurisdiction", with respect to a geographic area, includes a State or country. (9) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. (10) "Power of withdrawal" means a presently exercisable general power of appointment other than a power exercisable by a trustee which is limited by an ascertainable standard, or which is exercisable by another person only upon consent of the trustee or the person holding an adverse interest. (11) "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. (12) "Qualified beneficiary" means a living beneficiary who, on the date the beneficiary's qualification is determined: (A) is a distributee or permissible distributee of trust income or principal; (B) would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in subparagraph (A) terminated on that date, but the termination of those interests would not cause the trust to terminate; or (C) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. (13) "Revocable", as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest. (14) "Settlor" means a person, including a testator, who creates, or contributes property to, a trust. 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. (15) "Spendthrift provision" means a term of a trust which restrains both voluntary and involuntary transfer of a beneficiary's interest. (16) "State" means a State of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band recognized by federal law or formally acknowledged by a State. (17) "Terms of a trust" means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. (18) "Trust instrument" means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto. (19) "Trustee" includes an original, additional, and successor trustee, and a cotrustee, whether or not appointed or confirmed by a court. (20) "Ascertainable standard" means an ascertainable standard relating to a trustee's individual's health, education, support, or maintenance within the meaning of Section 2041(b)(1(A) or 2514(c)(1) of the Internal Revenue Code, as amended. (21) "Distributee" means any person who receives property of a Trust from a Trustee, other than as creditor or purchaser. (22) "Interested person" or "interested party" means any person or party deemed to be a necessary or proper party under Rule 19 of the South Carolina Rules of Civil Procedure. (23) "Internal Revenue Code" means the Internal Revenue Code, as amended from time to time. Each reference to a provision of the Internal Revenue Code shall include any successor or amendment thereto. (24) "Serious breach of trust" means either: a single act that causes significant harm or involves flagrant misconduct, or a series of smaller breaches, none of which individually justify removal when considered alone, but which do so when considered together. The terms and definitions contained in the South Carolina Probate Code that do not conflict with the terms defined in this section shall remain in effect for the South Carolina Trust Code. ________________________________________________________________________
Questions & Answers: TrustsSouth Carolina Laws: TrustsRelated Articles: Trusts
 |
Email
Print
