You cannot go wrong with any of these states. These states offer the best trust situs for you and your family (sorry CA, TX any NY but your state trust laws are medieval). If an advisor friendly trust company based South Dakota trust laws ranked either #1 or #2 on any given year that is telling you this - that's great impartial advice. There may not be an overall “best trust state law” – but there is certainly a better fit you and your family. Same goes for advisors looking for modern day best trust law states.
Each state has its own details and nuances that could determine whether it’s the best fit for you. States with the best trust situs need to offer more than just being a one trick pony. We’re saying this because we believe South Dakota is an excellent state for almost any trust — it’s why we’re headquartered here — but we also know there’s more to it than a simple chart. We choose South Dakota also for non-trust statute reasons:
Choosing the right state for the best trust situs & laws best must focus on your and your families needs and goals should consider the following:
Choosing the right state for your trust should REALLY be based on the DNA of a corporate trustee. The best states for a client’s trust situs still need to consider how to pick a trustee. Picking a trustee, any type of trustee, is not about:
By that, we mean the reasons behind why the corporate trustee exists, why they got started, and what motivates them. Why does a corporate trustee do what they do, and what do they bring to the table that makes them valuable?
With these answers, you can start searching for states with the best trust situs laws that have the most favorable laws when it comes to complementing your corporate trustee’s practices.
Most importantly, these questions dovetail with the complexities of picking a trustee in the first place, and they’re essential to understanding where your (or your client’s) trust should be held.
Naturally, we’re biased. We’re a trust company giving you information on where you could host your trust. Picking any one of the seven top trust situs states will leave you in good shape. The states with the best trust laws will carry you well towards your goals.
But if South Dakota sounds like it’s a good fit for you and / or your clients, then this is just the tip of the iceberg.
You can learn more about South Dakota trust law and why it’s so important in our complementary whitepaper. Remember, the states with the best trust laws come in all shapes and sizes but the elusive character of the all season corporate trustee does not exist. It comes down to their DNA.
Click the button below to download your free copy about South Dakota trust laws.
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