The difference between estate planning and retirement planning is subtle, but important. Retirement planning involves planning our financial future once we are no longer employed full time. Estate planning involves determining what will happen to our property and financial resources in the event of death or incapacitation.
Estate planning can include one or more of the following tasks:
- Creating and maintaining a will
- Creating a trust fund
- Assigning a guardian for living dependents
- Naming an estate executive
- Updating beneficiaries on plans (life insurance, IRAs, 401Ks, etc.)
- Funeral arrangement
- Setting up a durable power of attorney
Sustaining the Legacy:
Management and Wealth Transfer Planning for Ranchers
SDSU Extension created Sustaining the Legacy: Management and Wealth Transfer Planning for Ranchers to assist producers in South Dakota as they plan their estate.
South Dakota Legal Resources
Iowa State University Extension Estate Resources
Montana State University Extension Resources
Montana State University Extension has created a wealth of Estate Planning Publications. The following may be useful to the residents of South Dakota:
- Federal Estate Tax
- A Glossary of Estate Planning Terms
- Power of Attorney
- Property Ownership: Estate Planning
- Revocable Living Trust
- Who Gets Grandma’s Yellow Pie Plate: Transferring Non-Titled Property
Disclaimer: The preceding is presented for informational purposes only. SDSU Extension does not endorse the services, methods or products described herein, and makes no representations or warranties of any kind regarding them. The laws governing estate planning vary by state. The resources provided in this article are for informational purposes only and should never be substituted for the advice of a trained financial or legal professional.