§§ 62-7-904B through 62-7-904P apply to all trusts in existence on, or created after the effective date of §§ 62-7-904A through 62-7-904P unless:

(1) the governing instrument contains a provision clearly expressing the settlor’s intention that the current beneficiary or beneficiaries are to receive an amount other than a reasonable current return from the trust;

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Terms Used In South Carolina Code 62-7-904I

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.

(2) the trust is a trust described in Section 170(f)(2)(B), Section 664(d), Section 2702(a)(3), or Section 2702(b) of the Code;

(3) the trust is a trust under which any amount is, or has been in the past, set aside permanently for charitable purposes unless the income from the trust also is devoted permanently to charitable purposes; or

(4) the governing instrument expressly prohibits use of §§ 62-7-904B through 62-7-904P by specific reference to §§ 62-7-904B through 62-7-904P or expressly states the settlor’s intent that net income not be calculated as a unitrust amount.

A provision in the terms of the trust that "the provisions of §§ 62-7-904B through 62-7-904P of this part or any corresponding provision of future law, must not be used in the administration of this trust," or "the trustee shall not determine the distributions to the income beneficiary as a unitrust amount," or similar words reflecting that intent is sufficient to preclude the use of §§ 62-7-904B through 62-7-904P.

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