South Carolina Code 62-7-105. Default and mandatory rules
(b) The terms of a trust prevail over any provision of this article except:
Terms Used In South Carolina Code 62-7-105
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
- Venue: The geographical location in which a case is tried.
(1) the requirements for creating a trust;
(2) the duty of a trustee to act in good faith and in accordance with the purposes of the trust;
(3) the requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful and possible to achieve;
(4) the power of the court to modify or terminate a trust under §§ 62-7-410 through 62-7-416;
(5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Part 5;
(6) the limitations on the ability of a settlor’s agent under a power of attorney to revoke, amend, or make distributions from a revocable trust pursuant to § 62-7-602A;
(7) the power of the court under § 62-7-708(b) to adjust a trustee’s compensation specified in the terms of the trust which is unreasonably low or high;
(8) the effect of an exculpatory term under § 62-7-1008;
(9) the rights under §§ 62-7-1010 through 62-7-1013 of a person other than a trustee or beneficiary;
(10) periods of limitation for commencing a judicial proceeding;
(11) the power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and
(12) the subject matter jurisdiction of the court and venue for commencing a proceeding as provided in §§ 62-7-201 and 62-7-204.