Were you recently informed that you are the Trustee of a trust? If so, and this is the first time you have served as a Trustee, you are probably feeling overwhelmed and wondering where to begin. While the trust administration process is unique to every trust, there are some common steps. In an effort to provide you with some guidance as a first-time Trustee, the Fargo trust administration attorneys at German Law Group explain five steps for a Trustee to take immediately upon learning of the … [Read more...]
Is a Professional Trustee a Better Option?
One of the most popular additions to a well-rounded and comprehensive estate plan is a trust. If you are considering the addition of a trust to your estate plan, one of the decisions you will need to make is who to appoint as your Trustee to administer your trust. The Grand Forks trust administration attorneys at German Law Group explain why a professional Trustee is often a better option than appointing someone you know personally. What Is a Trust? A trust is a legal relationship where … [Read more...]
Can an Estate Planning Attorney Help in Setting Up a Trust?
When you think of estate planning, the first thing that likely comes to your mind is creating and executing a Last Will and Testament. A Last Will and Testament is the most common estate planning document, typically serving as the foundation of an estate plan. A comprehensive estate plan, however, usually includes a variety of additional documents and strategies aimed at achieving the numerous estate planning goals and objectives you have set for yourself. Among those additional documents, a … [Read more...]
Types of Trusts for Farmers
Family farms have been the backbone of the American economy for centuries. Despite efforts by big farming to take over the farming industry, family farms have survived – even flourished in many cases. In reality, it isn’t big farming that poses the greatest threat to family farmers. Poor estate planning – or a complete lack of estate planning -- is what truly creates the biggest threat to family farms. The family farm can withstand droughts, recessions, and competition from the big guys, but if … [Read more...]
3 Common Reasons to Consider North Dakota Revocable Trusts
A Last Will and Testament will likely serve as the foundation of your estate plan; however, a well thought out and comprehensive estate plan should include additional estate planning tools and strategies as well. One common addition to an estate plan is a revocable trust. The best way to decide if a revocable trust should be included in your estate plan is to discuss your options with your North Dakota estate planning attorney. In the meantime, however, consider the following three common … [Read more...]
The Dangers of Creating a Trust on Your Own
One of the most common additions to a comprehensive estate plan is a trust. People incorporate trusts into their estate plan in an effort to accomplish a wide variety of goals, such as incapacity planning, asset protection, and probate avoidance. Because of the ease with which boilerplate, or “DIY,” legal documents can now be found on the internet, people often make the mistake of deciding they can save time and money by just creating their own trust. Unfortunately, what actually happens, in … [Read more...]
Free Report: Why Would I Use a North Dakota Trust Instead of a Will
If you use a last will to state your final wishes regarding the distribution of your personally held resources, you would be allowing for lump sum distributions to the inheritors. This can potentially be disconcerting if you have someone on your inheritance list who is not a good money manager. People who are prone to overspending are typically going to need financial assistance from time to time throughout their lives. A spendthrift family member could experience future hardships … [Read more...]
