Wills and Trusts In South Dakota
Rapid City attorneys who write wills
There are many factors to consider when you are creating an estate plan, such as the ramifications of changes in estate tax law, the appropriate trust to establish, the assets you wish to distribute (cattle, ranches, farms, homes, collections) and how to address emotional and financial issues surrounding your potential beneficiaries. Anker Law Group, P.C. has been writing wills and planning estates for residents of Rapid City, the Black Hills and Wyoming for more than three decades. We know the estate tax laws and how they affect you and your family.
Wills versus “Living Wills”
A will is basically a set of instructions that tells your heirs how you want your property — works of art or your great-grandmother’s silver tea set — distributed after your death. It also gives you the opportunity to name guardians if you have minor children. If you leave a very small estate, your property may pass to your heirs without going through court. A very large estate, on the other hand, must go through a probate procedure in court, even if you have a will.
A living will, also called a health care directive or advance health care directive, is a set of instructions about your health care in a life-or-death situation. You may wish to leave “do not resuscitate” orders for hospitals or emergency medical technicians, or you may ask your health care provider to discontinue “heroic” measures to save your life.
These documents can be completed with the assistance of the attorneys at Anker Law Group, P.C.
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Trusts versus “Living Trusts”
A trust is a legal arrangement that allows one person to hold legal title to property for the benefit of another. One of the big advantages of creating a trust is that your estate, or the part of it that is in the trust, does not have to go through probate after your death.
A living trust is one you create yourself while you are still alive, and you are the beneficiary. Living trusts may also be called revocable trusts, because you can change them or revoke them any time while you are alive.
The lawyers at Anker Law Group, P.C. are well-versed in creating trusts of all kinds. If you own a farm or ranch and want to pass it to the next generation without putting your heirs in a tax bind, call us.