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Indicates Matter Stricken
Indicates New Matter
RECALLED
May 2, 2000
H. 4744
S. Printed 5/2/00--H.
Read the first time March 7, 2000.
TO AMEND SECTION 62-5-408, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS OF THE PROBATE COURT WITH RESPECT TO THE ESTATE AND AFFAIRS OF PROTECTED PERSONS, SO AS TO PROVIDE A NONDISPOSITIVE LIST OF THE POWERS THE COURT HAS OVER THE ESTATE AND AFFAIRS OF A PROTECTED PERSON WHO IS NOT A MINOR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 62-5-408(3) of the 1976 Code is amended to read:
"(3)(a) After hearing and upon determining that a basis for an appointment or other protective order exists with respect to a person for reasons other than minority, the court has for the benefit of the person and of his estate and fulfillment of his legal obligations of support of dependents all the powers over his estate and affairs which he could exercise if present and not under disability, except the power to make a will. These powers include, but are not limited to, the power to:
( i) make gifts;
(ii) convey or release the person's contingent and expectant interests in property including material property rights and any right of survivorship incident to joint tenancy;
(iii) exercise or release the person's powers as trustee, personal representative, custodian for minors, conservator, or donee of a power of appointment;
(iv) enter into contracts;
( v) create or amend revocable trusts or create irrevocable trusts of property of the estate which may extend beyond the person's disability or life;
( vi) fund trusts;
(vii) exercise options of the disabled person to purchase securities or other property;
(viii) exercise the person's right to elect options and change beneficiaries under insurance and annuity policies and to surrender the policies for their cash value;
( ix) exercise the person's right to an elective share in the estate of the person's deceased spouse;
( x) renounce any interest by testate or intestate succession or by inter vivos transfer; and
( xi) ratify any such actions taken on the person's behalf.
(b) The court may exercise, or direct the exercise of its authority to exercise, or release powers of appointment of which the protected person is donee, to renounce interests, to make gifts in trust, or to change beneficiaries under insurance and annuity policies, only if satisfied, after notice and hearing, that it is in the best interests of the protected person, and that the protected person either is incapable of consenting or has consented to the proposed exercise of power."
SECTION 2. This act takes effect upon approval by the Governor.
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