South Dakota Living Trust Attorney

Are you residing in South Dakota and making some important decisions about your estate and what will happen when you are gone? We would like to show you how a South Dakota living trust attorney could play an important role in your decision making.

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A living trust is simply a trust that is created while you are alive. A trust is where the trustee holds the legal title to property for the beneficiary. In other words, you create the trust, and as trustee of the trust you maintain full control over the property in the trust. When you die the trust becomes property of the beneficiary. A living trust takes precedence over a will while not actually replacing it.

One of the most common uses of a living trust is to avoid the cost and expense of probate court. This is usually a good strategy for any estate valued at over a hundred thousand dollars. Estates of lesser value will probably be dispersed outside of probate court. This is not always the case so check with your estate planner to be sure.

Another advantage of a living trust is the tax benefit for estates valued at over two million dollars. Since different tax saving strategies come into play it is strongly recommended that an attorney take care of these matters.

A living trust can help with other common issues, regardless of your estate value. A trust cannot be contested as easily as a will. It is a simple matter for the successor trustee, the one you appoint, to reassign all of the property according to your wishes. There should be no fighting amongst the beneficiaries.

Property owned in areas out side of South Dakota can be placed into your trust. They should then become exempt from probate court in those states. This becomes a good time and money saving tool and your heirs will be glad you did it.

Even with a living trust it is still recommended that you have a will. A will can handle matters like guardianship of children and pets. It will also include any items or property not in your trust. Even if you think everything has been placed in your living trust a simple will is a good idea.

A living trust, for the purpose of avoiding probate court, is fairly easy to create. Start by visiting a web site such as Legalzoom.com.. Additional information, forms, books and software may also be helpful. NOLO is an excellent resource.

If your estate consists of sizable assets it would be best to seek the help of a professional with a background in estate planning. Items like stocks, bonds, bank accounts, insurance policies and property of all types can be placed into a living trust. Some of this can get pretty involved and you will certainly want to know it has all been done correctly. Legal Match can help you find a qualified South Dakota living trust attorney in Rapid City and other towns across your state.

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