South Dakota Wills and Trusts Attorneys
The first tool you will need in your estate plan is a will. A will is a formal legal document stating how you want your estate distributed.
A Trust is a separate legal entity that controls the assets you place into it. You are known as the Trustor of the trust, since you were the one who created it. The Trustor decides who gets income and/or principal payouts from the trust. The people receiving the payouts are known as Beneficiaries. The person who administers the trust is the Trustee. The rules that you dictate the trust to follow (how long the trust should last, who gets what, and other rules the trustee has to follow) are known as the Trust Terms. The document that defines the trust is known as the Trust Agreement. Trusts can be powerful tools when used properly.
If you need advice regrading wills and trusts, contact Richardson, Wyly, Wise, Sauck & Hieb, LLP to learn how an experienced attorney’s advice can save you headaches and possible liability. We provide comprehensive client service that may help avoid disputes with beneficiaries or between beneficiaries. Our firm can assist you in defining your estate planning objectives, and creating the necessary legal documents to effectuate those objectives.