What is a last will and testament? A will is a formal written document executed voluntarily which states how you wish your property to be distributed after your death. There are certain requirements which must be met for a will to be considered legal in in South Dakota.
An estate plan is comprised of a plan for disposing of assets at death along with mechanisms to deal with the possible future loss of capacity. A will is a common method of disposing of assets upon an individual’s death. Another way of creating an estate plan is with a revocable trust (often termed a “revocable living trust” or simply a “living trust”). Living trusts should not be confused with living wills.
What happens if I become incapable of making my own healthcare decisions?
What is a durable power of attorney? A durable power of attorney is a written instrument where you (as the “principal”) appoint one or more persons (as “agents”) to act on your behalf. An agent, for example, might be able to sign a check on your checking account, to sign a tax return for you, or buy and sell property in your name. An agent can even be provided with the legal authority to make gifts of your assets (but only if this is specifically outlined in the instrument).