Revocable Living Trusts in South Carolina

South Carolina has adopted the South Carolina Trust Code (S.C. Code § 62-7-101 et seq.), based on the Uniform Trust Code. A trust is created only if the settlor has capacity, indicates an intention to create the trust, the trust has a definite beneficiary (or is a charitable, animal-care or noncharitable-purpose trust), the trustee has duties to perform, and the same person is not the sole trustee and sole beneficiary. A trust need not be in writing, but an oral trust can be proved only by clear and convincing evidence. A revocable living trust may be created by a declaration of trust or by transferring property, and is not invalid because the settlor keeps control (such as a right to revoke). Unless the terms expressly make the trust irrevocable, the settlor may revoke or amend it (for instruments signed on or after the Code's effective date). Property held in the trust passes under its terms without probate; assets left in the decedent's own name may still need probate.

Non-probate transfers available in South Carolina: (1) No transfer-on-death deed for real estate; joint ownership with survivorship can pass real estate outside probate. (2) Single- and multiple-party bank accounts, including P.O.D. accounts, using the statutory account form (S.C. Code § 62-6-101 et seq., esp. § 62-6-104). (3) Transfer on death (TOD) designations on vehicles, mobile homes, watercraft and outboard motors titled by SCDMV or DNR (S.C. Code § 62-6-401). (4) Transfer-on-death registration of securities (Uniform Transfer on Death Security Registration Act, S.C. Code § 35-6-10 et seq.). (5) Small estate affidavit for probate estates of $45,000 or less, approved by the probate judge (S.C. Code § 62-3-1201). (6) Revocable living trust (South Carolina Trust Code).