If a loved one of yours has recently passed away, that person might very well have died in debt, as many Americans do. When this happens, the creditors of the deceased are entitled to collect outstanding debts from the estate. Dealing with the claims of creditors and making proper payment to each of them are the responsibilities of the estate’s…
The purpose of a will is to control how the property, money, and other assets of the testator (the deceased person who created the will) are distributed. Normally, a personal representative is named to carry out the instructions in the will, collect any money owed to the estate, pay bills or taxes that the estate owes, and see that heirs…
Rear-end collisions account for nearly 20% of all semi-truck accidents nationwide. They’re most likely to occur on major highways and in heavy, moving traffic during the daylight hours, but fatal rear-end truck wrecks generally occur around dusk or later at night. About half of all rear-end crashes take place on divided highways, and approximately 10% happen on local streets and…
Legal professionals agree it’s a good idea to create a will stating what you want done with your assets after your death. Nonetheless, almost 60% of South Dakotans die intestate (without a will). When that happens, the state’s laws of intestate succession determine what happens to their money, property, vehicles, jewelry, clothing, pets, and other possessions. When there is a…
Six out of 10 people in South Dakota die intestate. This means that they have not left behind wills instructing their survivors as to what should be done with their money, property, and other assets upon their deaths. If you are the child of a parent who dies without a will, the representative/executor of your parent’s estate (who is selected…
In today’s society, family relationships are more diverse than they’ve ever been. Whereas we once thought of a nuclear family as a unit consisting of a husband, a wife, and children, a contemporary family unit is much more likely to be a blended one. The changes in today’s family structure are due to a number of factors: Increased divorce/remarriage rates…
When a South Dakota resident prepares a will or estate plan, that person must name a personal representative (sometimes called an executor) who will administer the estate once the testator passes away. If someone dies intestate (without a will), the court will appoint a personal representative whose duties are to: Manage, protect, and preserve the estate Calculate the value of…
To “execute” a will simply means to make or write one. At some point in your life, it’s generally a good idea for you to execute a will specifying what should be done with your property, money, real estate, vehicles, and/or other assets after you’ve passed away. While executing your will with the help of an attorney is highly recommended,…
A will provides detailed instructions as to what should be done with a person’s money, property, and other assets after they have passed away. People are generally free to leave their assets to whomever they wish. In some cases, however, one or more of the beneficiaries might feel that someone has exerted undue influence on the writing of the will…
Like a will, a living trust is a legal instrument that controls what happens to a person’s property and assets after death. The trustor/grantor designates beneficiaries who will ultimately receive the assets in the trust, as well as a trustee who takes possession of the assets and holds them in trust for the beneficiaries. When the trustor passes away, the…