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

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c. Upon the death of Joe Smith, the Trustee shall distribute the balance of the trust in equal separate shares to Jane Brown, Horace Smith and Larry Smith, or to the survivor of them. d. If neither Jane Brown, Horace Smith nor Larry Smith is living at the death of Joe Smith, the trustee shall distribute the trust to the children of George Smith in equal shares, the issue of a deceased child taking his or her parent’s share per stirpes. (5) Guy Smith shall serve as trustee of said trust. If Guy Smith is unable to serve or continue to serve then the successor trustee shall be Harry Smith, or a person appointed by Guy Smith and/or Harry Smith. (6) The Personal Representative and Trustee shall have all statutory powers granted to Personal Representatives and Trustees under South Carolina law. The Personal Representative and Trustee are specifically authorized and empowered with respect to any property, real or personal: to allot, allocate between principal and income, assign, borrow, buy, care for, collect, compromise claims, contract with respect to, convey, convert, deal with, dispose of, invest, lease, manage, mortgage, grant and exercise options with respect to, take possession of, pledge, receive, release, repair, sell, sue for, make distributions or divisions in cash or in kind or partly in each without regard to the income tax basis of such asset, and in general, to exercise all the powers in the management of my Estate which any individual could exercise in the management of similar property owned in his or her own right, upon such terms and conditions as the Personal Representative and Trustee may deem best, and to execute and deliver any and all instruments and to do all acts which the Personal Representative and Trustee may deem proper or necessary to carry out the settlement of the estate of the Trust for Joe Smith, without being limited in any way by the specific grants of power made, and without the necessity of a court order. (7) Joe Smith shall not be authorized to assign, pledge, encumber, sell or transfer in any manner the house or other assets of the trust. The trustee shall not be liable for, or subject to, the debts, contracts, obligations, liabilities or torts of Joe Smith because he has served as trustee of said trust. This private Agreement has been executed the ____ day of __________, 2009. Witnesses: _____________________________ ______________________________ Guy Smith _____________________________ The State of South Carolina County of Richland Subscribed, sworn to, and acknowledged before me by Guy Smith, an heir of George Smith, and subscribed and sworn to before me by ________________________________, witness, this the _____ day of ___________, 2009. _____________________________(Seal) Notary Public for South Carolina My Commission Expires: __________ Page 13 of 19
Remaining Signatures omitted This agreement probably had not gift tax implications. The testator tried to draft a complex will and did such a poor job that the court would not accept it. The beneficiaries did know what the testator intended, and reached an agreement that carried out that intent. Page 14 of 19
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Page 126 and 127: 4. South Carolina Code § 62-7-111.
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Probate, Estate Planning & Trust Section - South Carolina Bar ...

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