Trust Bequest Property Clarification

Summary

A Specific Bequest of Real Property in a South Carolina trust usually includes only the real property and its improvements, not the income generated unless specified. No equalization means beneficiaries receive designated assets without adjustments for value differences. For rental properties, this typically refers to property value distribution rather than rental income. Consulting a legal professional for detailed guidance is recommended.

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Under trust formed in South Carolina, as to "Specific Bequest of Real Property" - does such a provision include the income generated from the real property or just the real property and improvements?
Hey Benjamin! Generally, a "Specific Bequest of Real Property" in a trust usually refers to the real property and its improvements only. Income generated from the property, like rent, is typically not included unless explicitly stated in the trust documents. It's advisable to review the trust's wording or consult a legal professional for specifics.
What does "no equalization" under a south carolina trust mean?
"No equalization" in a South Carolina trust generally means that when distributing the trust assets, there will be no effort to balance or adjust the shares among beneficiaries to ensure they receive equal value. Each beneficiary receives what is specifically designated to them, regardless of value differences.
"No equalization" as to rental properties under the same trust means in terms of property value or the rental income generated the trust?
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"No equalization" concerning rental properties under the same trust typically refers to the distribution of property value rather than rental income. Each beneficiary gets the property designated to them without adjustments for differing property values or income potential. If you need further clarification, consulting a legal professional would be beneficial.
Got it, and you just made my day?
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I'm glad I could help clarify things for you! If you have any more questions or need further assistance, feel free to reach out.