South Dakota Estate Planning and Trust Administration Lawyers

Experienced Estate and Trust Administration Lawyers in South Dakota

One thing many people overlook in the process of planning their estate is the question of who will actually carry out their wishes after they pass away. As the trustee, this person will have significant control over how smoothly the whole process goes. 

It is important to get the help of an estate and trust administration lawyer who is experienced and competent. At Aspen Legacy Planning, Principal Attorney Stephen J. Wesolick has helped clients manage their trusts and estates for over 30 years.

Understanding the Difference: Estate vs. Trust Administration

Estate administration involves managing and distributing a deceased person's assets according to their will or, in cases where no will exists, according to state laws. 

Trust administration refers to the management of a trust established during the individual’s lifetime or through their will. Both processes are designed to ensure that the decedent’s wishes are honored and that beneficiaries receive their rightful inheritances.

There are benefits to each of these arrangements that warrant careful consideration. If you enlist an estate lawyer such as our Principal Attorney, Stephen J. Wesolick, you can structure your trust or estate proactively.

Essential Responsibilities in Estate Administration

When handling estate administration, several key responsibilities must be addressed. These responsibilities often include:

• Validating the Will: The first step in estate administration is to determine if the decedent’s will is valid. This involves filing the will with the appropriate probate court and proving its authenticity.
• Appointing an Executor: If a will is present, it typically designates an executor responsible for managing the estate. If no will exists, the court appoints an administrator.
• Inventorying Assets: The executor or administrator must compile a comprehensive inventory of the decedent's assets, including real estate, bank accounts, investments, personal property, and any business interests.
• Settling Debts and Liabilities: Before distributing assets to beneficiaries, any outstanding debts or liabilities must be settled. This includes funeral expenses, taxes, and any other debts incurred by the decedent.
• Distributing Assets: Once debts and liabilities have been addressed, the executor or administrator can distribute the remaining assets to beneficiaries according to the terms of the will or South Dakota intestacy laws.
• Filing Necessary Tax Returns: The estate may need to file income tax returns for the decedent and an estate tax return, if applicable. Understanding the tax implications is crucial to fulfilling legal obligations.

Key Elements of Trust Administration

Trusts offer an alternative to traditional wills for managing and distributing assets. Trust administration involves overseeing the trust according to its terms and ensuring that the grantor's intentions are honored. 

Key elements of trust administration include:

• Understanding the Trust Document: The trustee must thoroughly understand the trust's provisions, including distribution guidelines and the powers granted to them.
• Managing Trust Assets: The trustee is responsible for managing the trust's assets, which may include investments, real estate, and other properties. This requires careful attention to ensure that assets are preserved and grow according to the trust's objectives.
• Communicating with Beneficiaries: Transparency is essential in trust administration. Trustees should keep beneficiaries informed about the trust's status and any distributions being made.
• Fulfilling Fiduciary Duties: Trustees have a legal obligation to act in the best interests of the beneficiaries. This includes making prudent investment decisions and avoiding conflicts of interest.