South Carolina Code 62-7-904F. Administration of a total return unitrust
Current as of: 2023 | Check for updates
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In administering a total return unitrust, the trustee may, in its sole discretion but subject to the terms of the trust, determine:
(1) the effective date of the conversion;
Terms Used In South Carolina Code 62-7-904F
- 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 timing of distributions, including provisions for prorating a distribution for a short year in which a beneficiary‘s right to payments commences or ceases;
(3) whether distributions are to be made in cash or in kind or partly in cash and partly in kind;
(4) if the trust is reconverted to an income trust, the effective date of the reconversion; and
(5) any other administrative issues as may be necessary or appropriate to carry out the purposes of §§ 62-7-904B through 62-7-904P.