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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 20-7-479.5 SO AS TO REQUIRE THE SIGNATURES OF BOTH SPOUSES AS SETTLORS OF AN IRREVOCABLE TRUST THAT IS FUNDED BY PROPERTY THAT MAY BE DEEMED MARITAL PROPERTY IF MARITAL LITIGATION IS FILED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 6, Chapter 7 of Title 20 is amended by adding:
"Section 20-7-479.5. (A) Both spouses in a marital relationship shall sign as settlors of an irrevocable trust created during the marriage and funded by property that may be deemed marital property if marital litigation is filed.
(B) Failure to obtain signatures of both spouses as provided in subsection (A) renders the trust fraudulent and void ab initio."
SECTION 2. This act takes effect upon approval by the Governor and applies to all irrevocable trusts created or amended after that date.
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