South Carolina Code 62-7-602A. Powers of agent acting pursuant to power of attorney
(1) revocation of the trust;
Terms Used In South Carolina Code 62-7-602A
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Intestate: Dying without leaving a will.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(2) amendment of the trust;
(3) additions to the trust;
(4) direction to dispose of property of the trust;
(5) creation of the trust, notwithstanding the provisions of § 62-7-402(a)(1) and (2).
(b) An agent acting pursuant to a power of attorney may exercise the following powers of the settlor with respect to an irrevocable trust only to the extent expressly authorized by the terms of the trust or the power of attorney:
(1) additions to the trust;
(2) creation of the trust, notwithstanding the provisions of § 62-7-402(a)(1) and (2).
(c) The exercise of the powers described in subsection (a) and (b) shall not alter the amount of property beneficiaries are to receive on the settlor’s death under the settlor’s existing will or other estate planning documents or in the absence thereof in accordance with the law of intestate succession.