A trust is the legal relationship between one person, the trustee, having an equitable ownership or management of certain property and another person, the beneficiary, owning the legal title to that property. The beneficiary is entitled to the performance of certain duties and the exercise of certain powers by the trustee, which performance may be enforced by a court of equity. This form is an example of a trust that is subject to direct court oversight since the initial trust funds resulted from a civil judgment in favor of a minor.
South Carolina Trust Agreement for Funds for Recovery of Judgment for Minor
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How to fill out Trust Agreement For Funds For Recovery Of Judgment For Minor?
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Methods of creating trust. (iii) exercise of a power of appointment in favor of a trustee. (2) To be valid, a trust of real property, created by transfer in trust or by declaration of trust, must be proved by some writing signed by the party creating the trust.
Revocation or amendment of revocable trust. (a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.
Minor's consent to health services.
Section 62-5-433 provides the basic statutory definitions and procedures for the settlement of claims in favor of or against minors or incapacitated persons. Other provisions of Title 62, Article 5, Part 4 (Protection of Property of Persons Under Disability and Minors) may also apply in these proceedings.
SECTION 62-2-207. Charging spouse with gifts received; liability of others for balance of elective share. (8) in a revocable inter vivos trust created by the decedent.
SECTION 62-7-102. Scope. This article applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.
Creditors must ?present? claims arising before the decedent's death within the earlier of one year after the decedent's death or eight months after the date of the first publication of the notice to creditors. S.C. Code Ann. § 62?3?803.
In South Carolina, the elective share statute provides that the surviving spouse has the right to claim 1/3 of the deceased spouse's ?probate estate.? Unlike the North Carolina elective share, the South Carolina elective share is fixed at 1/3 and does not increase over time based upon the length of marriage.