South Dakota Trusts
A Trust is normally set up to manage the distribution and availability of one’s assets. There are a variety of different Trusts which can be created to provide for your family. There are many legal issues and complexities involved in setting up a Trust properly.
Different Types of Trusts
There are a wide variety of Trusts which can be put into place to protect your assets. Living Trusts, Irrevocable Trusts, Revocable Trusts and other specific types can be specialized depending on your specific circumstances. Below is a list of the most common trusts:
- Charitable Trusts – A trust which consists of assets which are paid over to the trust for charitable purposes.
- Irrevocable Trust - This trust cannot be revoked after its creation.
- Living Trust – This trust is created and operative during a person’s lifetime.
- Revocable Trust – A trust in which an individual reserves the right to revoke.
- Testamentary Trust – A trust created within a Will and executed with the formalities required of a Will. This trust does not take effect until death.
It is highly recommended that you consult with an estate planning attorney to review your options and find the Trust that suits your needs.
Special Needs Trusts
A special needs Trust enables a person to appoint a trustee to hold property or assets for the benefit of a disabled child. One of the benefits of a special needs Trust is that a disabled child can be provided for without being disqualified from receiving government program benefits, such as Medicaid or Social Security.