Serving as a trustee is challenging. We provide guidance to individual fiduciaries and professional fiduciaries alike assisting them in the fulfillment of their duties to the beneficiaries of the Trust. We also provide guidance and advice to beneficiaries as to their rights under the Trust agreement.
South Dakota is a unique trust jurisdiction and has many progressive and nuanced features. Having an experienced trust administration lawyer on your side is key to avoid liability, if you are the fiduciary, and to realize your entitlements under the trust document, if you are a beneficiary.
South Dakota finds itself poised at the top of a niche industry when it comes to trust situs, as it is consistently ranked as one of the best trust jurisdictions in the United States. Our sophisticated trust laws, educated and cooperative judiciary and lack of state income tax make South Dakota a destination state for trust administration. Whether you are establishing a South Dakota sitused trust or moving an existing trust to South Dakota, the Boyce team has the knowledge and practical experience necessary to advise you on all aspects of South Dakota trust law.
Trust Reformation, Termination & Decanting
Perhaps the current trust is not all you hoped it would be, or perhaps you want to move a trust from another state to South Dakota. We assist in the reformation of trusts to accomplish the grantor’s intent and meet the changing needs of the beneficiaries. We also assist in the reformation of trusts to incorporate advisors into the trust management consistent with South Dakota’s directed trust statutes.
Decanting is the exercise of a trustee’s discretion to transfer the assets of an existing trust into a new trust. This may seem like a fairly simple process, but experience matters. The attorneys at Boyce Law Firm will navigate you through the multifaceted tax and situs issues that must be considered.
Finally, there are circumstances that warrant termination of an existing trust, perhaps earlier than expected. Under South Dakota law, if the value of the corpus of a trust has dropped below $150,000 or it is simply uneconomical to administer the assets in a trust, terminating the trust may be the best alternative.