Sioux Falls Family Law Blog

Winding down the year, you may be thinking of making resolutions and setting goals for 2019. Instead of the ones you make each year, like losing weight and saving money, perhaps you would like to do more to demonstrate your love for your family. One easy way to do this is to make sure your estate plan is up-to-date and relevant.

Hardly a year goes by that doesn't bring some change in a person's life. Over the past year, you may have had fluctuations in the makeup of your family, your finances or your opinions. Even amendments in tax laws can affect your estate plan. These kinds of changes can render the most solid estate plan obsolete, leaving your loved ones with frustration and potential legal disputes. Taking steps from time to time to review your plan can relieve your family of these heartaches.

After your death, many steps will still need attending to, and most of those go far beyond ensuring that your funeral takes place in the manner you deemed appropriate. Rather, your estate will need closing in the proper manner, and because you will not be around to ensure that takes place, you may want to utilize your estate plan to instruct how certain duties should be handled and who should handle them.

The person in charge of closing your estate is your personal representative. If you create a will, this individual will take on the role of executor, and you can indicate who you want to act in that position. Of course, because the person in this position has much power and responsibility, you will certainly want to choose carefully.

As an estate planning attorney, I often meet with clients who tell me they "need" a revocable trust. When I ask why, the most common answer is because they heard Dave Ramsey, Suze Orman or some other television or radio personality state that everyone needs a revocable trust. Although revocable trusts can be very beneficial, not everyone needs a revocable trust.

You may spend a significant amount of time determining the best way to provide for your family members after you pass away. Figuring out the type of plan that provides the most benefit possible from your assets may require some significant thought.

You decide that your estate plan will include a trust. It could be a (revocable or irrevocable) living trust, a South Dakota special spousal trust or a decanting trust, among others, that may suit your needs. Regardless of the type of trust you choose, it will need a trustee. Deciding who should care for your family's future may be the most difficult and thought provoking part of the whole process.