When a grantor creates a South Dakota trust, the grantor creates a separate legal entity. After creating the trust by signing a legal document, the grantor transfers ownership of assets from the grantor’s name to the trust’s name. If the asset is real property, the grantor signs a deed conveying the real property to the trust. If the asset is a bank account, the grantor changes the owner of the account to the trust. If the asset is personal property, the grantor signs an assignment of the personal property to the trust. The duty of the trustee is to administer the trust’s assets in accordance with the terms of the trust, for the benefit of the trust beneficiary.
What are the basics of a South Dakota trust?
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