What is a revocable living trust in South Dakota?

In South Dakota, a revocable living trust often addresses three separate phases of a grantor’s life. First, the trust may state that while the grantor is alive and doing well, he will serve as trustee and manage trust assets for his own benefit. Second, if the grantor becomes ill or injured to the point that he cannot manage his finances, the trust identifies who will take over as trustee and directs the successor trustee how to manage trust assets. Third, the trust directs the successor trustee how to distribute remaining trust assets after the grantor dies. As long as the grantor understands the nature and consequences of his actions, he can cancel or change the revocable living trust.