Trust Lawyers in Rapid City
Most people associate estate planning with wills. The last will and testament is the most common type of document that outlines your final wishes regarding your estate. Depending on your goals, however, a will might not be enough.
Our seasoned trust lawyers at Monument Law will carefully evaluate your estate to determine whether you need a trust to accomplish your goals. We will then guide you through the process to ensure every document is properly drafted and legally binding. Whether you want to outline the way your dependents receive care and funds, or ensure your business and/or real estate have what they need to thrive for generations, we have the skills and resources needed to make this happen.
To learn more about trusts and whether they are right for you, call (605) 250-2006 today.
What Is a Trust?
Essentially, a trust is a document that transfers property from a grantor (aka the settlor or trustor) to one or more beneficiaries via a trustee. The trustee acts as a middleman to manage and distribute the funds or assets according to your wishes. You can choose anyone to be your trustee, from a close friend to a financial institution such as a bank.
Trusts are generally more expensive than wills, but they offer a greater level of control and flexibility. Depending on the type of trust you create, they can trigger immediate benefits, while wills do not take effect until you die.
Types of Trusts
Do you need someone to manage your assets for you? When you create a trust with our attorneys, we will ask you questions like these before recommending a certain type of trust for your unique situation. The trust that is right for you depends on both your short- and long-term goals.
Here are the two general categories of trusts:
- Revocable vs. irrevocable. A revocable trust can be canceled or modified after you create it. An irrevocable trust, on the other hand, is permanent and unchangeable.
- Testamentary vs. living. Like wills, testamentary trusts take effect only after you die, while living trusts take effect upon creation.
Each category has its own advantages and disadvantages, and we will help you choose the specific type of trust from within these categories in order to accomplish your estate planning goals.
Trust Us to Protect Your Family and Legacy
Our firm believes in the power of trusts. We also have an in-depth understanding of the legal hurdles you will need to overcome before accomplishing your goals, and we want you to benefit from our years of experience in this field. With unfailing attention to detail and dedication to the wellbeing of our clients, our team of legal professionals is here to assure you that you are in the best possible hands with Monument Law.