One of the most important steps a young family in South Dakota can take to provide security for their children is to create or update their estate plans.
Here are five estate planning tips for young families in South Dakota:
Tip #1 - Have a guardianship plan.
Name a trusted guardian for your minor children in your will.
Tip #2 - Protect what belongs to your children.
Make sure your assets and property pass to your children.
Tip #3 - Safeguard minor children.
If you have minor children, consider placing the assets you want them to inherit in a trust until they are old enough.
Tip #4 - Name a executor/trustee.
If your children are of the age of legal majority, you can appoint them as executors or trustees, or you can choose a trusted friend or member of your family.
Tip #5 - Update beneficiary designations.
Life insurance, annuities, retirement benefits and IRAs are usually payable to a named beneficiary and do not pass under the terms of your will or trust. Make sure that these documents reflect your intended wishes.