Probate, Estate Planning & Trust Section - South Carolina Bar ...

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Witness: ________________________ ________________________ ________________________________ Jeff Smith Date: STATE OF SOUTH CAROLINA ) ) P R O B A T E COUNTY OF LEXINGTON ) PERSONALLY appeared the undersigned witness and made oath that _he saw the within named Jeff Smith sign, seal and as his act and deed deliver the within Private Agreement and that deponent with the other witness whose name is subscribed above witnessed the execution thereof. SWORN to before me this ____ day of ______________, 2011 _______________________________ Witness _________________________________ Notary Public for South Carolina My Commission expires: __________________ Note: This agreement probably had no gift tax ramifications. Patsy Fraser had been paid for the real estate. Although she had legal title, equitable title was in the name of her former spouse. This agreement did avoid a court hearing and cleared titled to the real property in questions. Page 11 of 19
Agreement as to terms of poorly drafted will The court refused to admit a will to probate because it was so poorly drafted (self drafted will.). The beneficiaries entered into an agreement which they believed carried out the intent of the deceased. STATE OF SOUTH CAROLINA ) ) ) COUNTY OF RICHLAND ) AGREEMENT REGARDING ESTATE OF GEORGE SMITH Agreement made the day of , 2009, between Guy Smith, Harry Smith, Jane Brown, Larry Smith, Horace Smith, Joe Smith, and Kathy Mann. WHEREAS, George Smith died on February 11, 2009, a resident of Richland County, South Carolina. WHEREAS, the parties to this agreement are all of the heirs at law of George Smith. WHEREAS, George Smith left a will dated January 1, 2009 which was witnessed by her sons and which is not clear regarding the distribution of her estate. WHEREAS, South Carolina Code § 62-3-912 allows competent successors, subject to the rights of creditors and taxing authorities, to agree among themselves to alter the interests, shares, or amounts to which they are entitled under the will of the decedent, or under the laws of intestacy. WHEREAS, the parties to this agreement agree that the estate of George Smith will be administered, held and distributed as follows: (1) Guy Smith will serve as Personal Representative of the estate of George Smith. (2) Guy Smith will pay the enforceable debts, funeral expenses, and administrative expenses for the estate of George Smith. (3) Guy Smith will distribute the personal and household effects of George Smith in equal shares to Jane Brown, Horace Smith, and Larry Smith. (4) The rest and residue of the estate, including the house located at 1400 Hampton Drive, Columbia, South Carolina will be held in trust for the benefit of Joe Smith. The trust will be held, administered, and distributed as follows: a. Joe Smith will be able to live in the house rent free as long as he is able to take care of himself. He shall be responsible for maintaining the residence in suitable repair and condition, keeping it neat and clean, including the yard which he will maintain and keep free of trash and debris. b. The Trustee may pay to or apply for the benefit Joe Smith during his lifetime, such sums from the income and/or the principal of trust as in his sole discretion shall be necessary or advisable from time to time for the medical care, education, support and maintenance in reasonable comfort of Joe Smith taking into consideration to the extent the Trustee deems advisable, any other income or resources of Joe Smith. Page 12 of 19
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Page 83 and 84: 2. The estate planning attorney is
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Page 87 and 88: plan documents, which included the
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Page 91 and 92: Note: Here’s how to understand th
Page 93 and 94: • Do not confuse the client’s g
Page 95 and 96: Mr. and Mrs. Elvis Presley Gracelan
Page 97 and 98: always result in a better settlemen
Page 99 and 100: S.E.2d 803 (Ct.App. 2004). Also, if
Page 101 and 102: self-settled trust issue), designat
Page 103: entities that are to be utilized. A
Page 112 and 113: Considera6ons Prior to Administr
Page 124 and 125: Family Settlement Agreements in the
Page 126 and 127: 4. South Carolina Code § 62-7-111.
Page 128 and 129: STATE OF SOUTH CAROLINA ) IN THE PR
Page 130 and 131: STATE OF SOUTH CAROLINA ) ) AGREEME
Page 132 and 133: AGREEMENT TO CONVEY REAL ESTATE Fac
Page 136 and 137: c. Upon the death of Joe Smith, the
Page 138 and 139: Agreement regarding distribution of
Page 140 and 141: STATE OF TENNESSEE ) ) P R O B A T
Page 142: . Son received $5.6 million and cer
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