2016 South Carolina Code of Laws
Title 63 - South Carolina Children's Code
CHAPTER 5 - LEGAL STATUS OF CHILDREN
Section 63-5-520. Manner of making gift.

(A) An adult person may, during his lifetime, make a gift of security, a life insurance policy or annuity contract or money or real estate, tangible personal property or any other property to a person who is a minor on the date of the gift:

(1) If the subject of the gift is a security in registered form, by registering it in the name of the donor, another adult person or a trust company followed in substance by the words: "As custodian for __________ (name of minor) __________ under the Uniform Gifts to Minors Act".

(2) If the subject of the gift is a security not in registered form, by delivering it to an adult other than the donor, a guardian of the minor or a trust company, accompanied by a statement of gift in the following form, in substance, signed by the donor and the person designated as custodian:

"GIFT UNDER THE SOUTH CAROLINA UNIFORM GIFTS TO MINORS ACT

__________(name of donor) __________ hereby delivers to __________ (name of custodian) __________ as custodian for __________ (name of minor) __________ under the South Carolina Uniform Gifts to Minors Act the following security: (insert an appropriate description of the security delivered sufficient to identify it)

(signature of donor)

__________ (name of custodian) __________ hereby acknowledges receipt of the above-described security as custodian for the above minor under the Uniform Gifts to Minors Act.

Dated: __________

(Signature of custodian)"

(3) If the subject of the gift is money, by paying or delivering it to a broker or a domestic financial institution for credit to an account in the name of the donor, another adult or a trust company followed in substance by the words: "as custodian for __________ (name of minor) __________ under the Uniform Gifts to Minors Act".

(4) If the subject of the gift is a life insurance policy or annuity contract, by causing the ownership of the policy or contract to be registered with the issuing insurance company in the name of the donor, another adult or a trust company followed in substance by the words "as custodian for __________ (name of minor) __________ under the Uniform Gifts to Minors Act".

(5) If the subject of the gift is an interest in real estate, by executing and delivering in the appropriate manner a deed, assignment or similar instrument in the name of the donor, another adult or guardian of the minor or a trust company followed in substance by the words: "as custodian for __________ (name of minor) __________ under the Uniform Gifts to Minors Act".

(6) If the subject of the gift is an interest in any property not described in items (1) through (5) above, by causing the ownership of the property to be transferred by any written document in the name of the donor, another adult, a guardian or the minor or a trust company followed in substance by the words: "as custodian for __________ (name of minor) __________ under the Uniform Gifts to Minors Act".

(7) If the gift is by will, by stating in the will that the bequest or devise is made under the South Carolina Uniform Gifts to Minors Act. Unless the testator in his will designates the custodian, who shall be an adult, a guardian of the minor or a trust company, his personal representative shall, subject to any limitations contained within the will, have the power to name as the custodian an adult, a guardian of the minor or a trust company and shall distribute the subject of the gift by transferring it in the manner and form provided in the preceding items of this subsection.

(8) If the gift is preceded by a gift in trust to some other person, by stating in the will or inter vivos trust instrument that it is made under the South Carolina Uniform Gifts to Minors Act. Unless the custodian, who shall be an adult, a guardian of the minor or a trust company, is designated in the will or inter vivos trust instrument, the trustee shall, subject to any limitations contained within the will or inter vivos trust instrument, have the power to name as custodian an adult, a guardian of the minor or a trust company, and shall distribute the subject of the gift by transferring it in the manner and form provided in the preceding items of this subsection.

(B) Any gift made in a manner prescribed in subsection (A) may be made to only one minor and only one person may be the custodian.

(C) A donor who makes a gift to a minor in the manner prescribed in subsection (A) shall promptly do all things within his power to put the subject of the gift in the possession and control of the custodian but the donor's failure to comply with this subsection, his designation of an ineligible person as custodian, or renunciation by the person designated as custodian shall not affect the consummation of the gift.

(D) Whether or not a gift of the ownership of a life insurance policy or annuity contract has been made, the owner of such a policy or contract may designate a custodian (or a successor custodian) as the beneficiary of any such policy or contract. When the custodian receives any proceeds of such policy or contract, the proceeds shall at that time become custodian property.

HISTORY: 2008 Act No. 361, Section 2.