One of the most common tools used when creating a comprehensive estate plan is a trust agreement. Most people are familiar with the concept of a trust; however, the details can be a bit murky. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. Testamentary Trusts A testamentary trust is a trust that does not activate until the death of the Settlor … [Read more...] about Common Trusts Explained
At some point in your life you will likely realize the need to expand your initial estate plan. When you do so, you may decide to incorporate a trust into your expanded plan. One of the most important decisions you will make when creating your trust is your choice of Trustee. Once that decision is made, you will also need to decide how much discretion your Trustee should have. To explain the importance of providing just the right amount of discretion, a Grand Forks trust administration attorney … [Read more...] about Deciding How Much Discretion to Give Your Trustee
If you plan to pass down a moderate to large estate, you undoubtedly hope that the inheritance to leave to loved ones is not squandered. Fortunately, there is an estate planning tool that can help ensure that doesn’t happen. The Minot trust attorneys at German Law Group explain how a spendthrift provision in a trust agreement can help protect the assets you leave behind for loved ones. What Is a Trust Agreement? At its most basic, trust is a relationship whereby property is held by one party … [Read more...] about What Is a Spendthrift Provision?
One of the most common additions to the average estate plan is a living trust. Living trusts can be used to help achieve a wide range of estate planning goals which is one reason they are so popular. What if you already have a living trust in your plan and you need to make a change to the trust? The Minot revocable living trust attorneys at German Law Group explain how to make changes to a living trust. What Is a Living Trust? A trust is a legal relationship wherein property is held by one … [Read more...] about How Can I Make Changes to My Living Trust?
While it is true that every estate plan should be uniquely tailored to the needs and goals of the plan’s creator, here are some common estate planning tools and strategies found in the average plan. A trust, for example, is an estate planning tool you will likely find in most plans. If you are considering the addition of a trust to your estate plan, one of the most important steps in creating that trust will be appointing a Trustee. A Minot living trust attorney offers guidance to help you … [Read more...] about How to Pick Your Trustee
Given how popular trusts are, there is a very good chance that you will create a trust and/or be the beneficiary of a trust at some point in your lifetime. If the trust is an irrevocable living trust you may wonder who has the authority to terminate the trust. Given the various factors that impact the ability to terminate any trust, you should always consult with your estate planning attorney about a specific trust. In general, however, it may help to learn when and how you can typically … [Read more...] about Can You Terminate an Irrevocable Trust?
Although your initial estate plan may be very simplistic, consisting of not much more than a Last Will and Testament, as both your estate and your family grow, your estate plan will likely become more sophisticated as well to accommodate your increasing needs and goals. Among the most popular additions to a growing estate plan is a living trust. If you choose to incorporate a living trust into your plan, you will need to appoint a Trustee for your trust. To help ensure that you choose wisely, a … [Read more...] about The Role of Trustee
When you think about creating an estate plan for the distribution of your estate assets after you are gone, you probably envision using a Last Will and Testament as the vehicle by which your estate will be distributed. A Will certainly can be used to pass down your assets to loved ones; however, it is not the only option. A living trust is another estate planning tool that is often used to accomplish the distribution of an estate. The Grand Forks living trust attorneys at German Law Group … [Read more...] about Why Use a Living Trust to Distribute Your Estate?
A comprehensive estate plan will typically incorporate a wide variety of estate planning tools and strategies into the plan in order to accomplish the plan’s goals and objectives. Among the most popular of those tools is a living trust. Only your estate planning attorney can help you decide if a living trust would be a beneficial addition to your estate plan; however, to give you an idea of how one might fit into your estate plan, the living trust lawyers at German Law Group explain five common … [Read more...] about 5 Uses for a Living Trust
When most people think about the need for estate planning, they think in terms of planning for the distribution of estate assets after their own death. Creating a roadmap which can be used to pass down your assets is certainly an important part of estate planning; however, there is much more to a comprehensive estate plan. One important addition to a comprehensive estate plan is incapacity planning. Have you ever stopped to consider what would happen if you were incapacitated tomorrow? If not, … [Read more...] about Living Trust Lawyer Explains How a Living Trust Is Used for Incapacity Planning