• Home
  • Our Firm
    • About Our Firm
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Minnesota
        • Bemidji
        • Crookston
        • East Grand Forks
        • Fertile
      • North Dakota
        • Bismarck
        • Devils Lake
        • Fargo
        • Grafton
        • Grand Forks
        • Minot
        • West Fargo
    • Job Opportunities
  • Estate Planning
    • Asset Protection
    • Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Are You A Caregiver
    • Conservatorship
    • Coping with Alzheimer’s
    • Hospice Care
    • Life Care Planning Services
    • Medicaid Benefits
    • Nursing Home Planning
    • Veterans Benefits
  • Seminars
  • Resources
    • Client Resources
      • Estate Planning Resources for Farmers
      • Elder Law Resources
        • Bemidji
        • Bismarck Elder Law
        • Fargo Elder Law
        • Grand Forks Elder Law
        • Minot Elder Law
        • Thief River Falls Elder Law
      • Estate Planning Checklist
      • Free Estate Planning Seminars
      • Is Your Estate Plan Outdated?
      • Probate Checklist
      • Probate Resources
        • Bemidji Probate
        • Bismarck Probate
        • Fargo Probate
        • Grand Forks Probate
        • Minot Probate
        • Thief River Falls Probate
      • Top 10 Estate Planning Techniques
    • DocuBank
    • Elder Law Reports
    • Frequently Asked Questions
      • Asset Protection
      • Business Planning
      • Elder Law
      • Estate Planning
      • Families Without an Estate Plan
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Nursing Home Planning
      • Probate
      • Trusts
      • Trust Administration & Probate
      • Wills
    • Newsletters
    • Professional Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Reviews
    • Our Reviews
    • Review us
  • Contact Us
  • Blog

WAEstate

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

Call us today(800) 774-7576

  • Facebook
  • Twitter
  • Linkdin

Attend A Free Seminar

3 Common Reasons to Consider North Dakota Revocable Trusts

November 15, 2016Trust

North Dakota revocable trustsA 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 reasons why you might want to consider including North Dakota revocable trusts in your estate plan.

Trust Basics

First, it helps to learn a few trust basics. At its most basic, a trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, who transfers property to a Trustee. The trustee holds that property for the trust’s beneficiaries. Trusts are broadly divided into two categories – testamentary and living trusts. A testamentary trust does not active until the death of the Settlor whereas a living trust becomes active as soon as all of the formalities of creation are complete. Living trusts are then further sub-divided into revocable and irrevocable living trusts. As the names suggest, a revocable living trust can be modified or revoked by the Settlor at any time and for any reason whereas an irrevocable living trust cannot be modified or changed by the Settlor once the trust activates. A testamentary trust is always revocable because it doesn’t activate until the death of the Settlor. Therefore, North Dakota revocable trusts can be either testamentary trusts or living trusts.

Reasons to Consider North Dakota Revocable Trusts

You may decide to include a revocable trust in your estate plan for a wide variety of reasons; however, the following are some of the most common reasons why people choose to include a revocable trust in their estate plan:

  1. Flexibility – one simple reason why revocable trusts have become such a popular addition to a well thought out estate plan in recent years is the fact that they are so flexible. As the Settlor, you create the trust terms. As long as those terms are not illegal or unconscionable you may include any terms you wish in your revocable trust. This makes a revocable trust a very flexible estate planning tool that can help you achieve a virtually endless number of estate planning goals.
  2. Control – when you gift assets to someone in a Last Will and Testament, the beneficiary can do whatever he or she wishes with the assets once the gift is complete. The beneficiary could completely squander the gift and there would be nothing you, or anyone, could do about it. Understandably, you likely want to avoid this possibility. A trust helps you do just that by providing a certain amount of continued control over assets transferred into the trust. Because you create the trust terms, you can decide when distributions from the trust are made, how much the distributions will be, and even what the trust assets can be used for if you wish. You could, for example, only allow trust assets to be used to pay expenses related to higher education or medical treatment.
  3. Children – if you are the parent of a minor child, a revocable trust allows you to ensure that the assets you leave behind for your child are protected and well managed until the child reaches the age of majority. Because a minor cannot inherit directly from your estate, someone must have control of any gifts you leave behind for your child. When you use a revocable trust, you appoint a Trustee who will manage and control those assets. Unlike a direct gift, however, the Trustee is legally bound to invest the assets using the “prudent investor” standard and always have the beneficiary’s best interests in mind when managing the trust assets. Moreover, the Trustee is also bound by any specific terms you included in the trust with regard to when and how to distribute the trust assets to your child after he or she is old enough to inherit the assets.

Contact Us

If you have additional questions about North Dakota revocable trusts, contact the experienced estate planning attorneys at German Law Group by calling 701-738-0060 to schedule an appointment.

  • Author
  • Recent Posts

Leigia Rosales

Latest posts by Leigia Rosales (see all)

  • Steps You Can Take to Decrease the Odds of a Challenge to Your Will - February 7, 2019
  • Probate Lawyer Offers Tips for the Executor - September 28, 2017
  • Did You Know Your Estate Planning Attorney Can Help Protect Fido? - May 17, 2018

Other Articles You May Find Useful

How a Living Trust Helps You Avoid Leaving a Lump Sum Inheritance
How a Living Trust Helps You Avoid Leaving a Lump Sum Inheritance
5 Steps for a Trustee to Take Immediately Upon Appointment
5 Steps for a Trustee to Take Immediately Upon Appointment
Is a Professional Trustee a Better Option?
Is a Professional Trustee a Better Option?
Can an Estate Planning Attorney Help in Setting Up a Trust?
Can an Estate Planning Attorney Help in Setting Up a Trust?
German Law Group
Types of Trusts for Farmers
German Law Group
The Dangers of Creating a Trust on Your Own

Testimonials

Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn. – Anonymous  
Very Helpful
So much of a client’s high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly. ~J.R., Grand Forks, ND
Very Friendly
From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. ~ Deborah Rucinksi, North Dakota 
Kindness, Respect and Understanding
Everyone at German Law Group was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn’t rush, which is good because a lot of this can be over people’s heads.
A.W., Red Lake Falls, MN
This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.
Anthony G., Los Angeles, CA
Very helpful. Our children and us are are confident in your group. -Anonymous, Fargo, North Dakota
Confident in the Firm
“We were very pleased both times we met. A good feeling to have this done.” – R. & J. F., North Dakota
A Good Feeling
Needed to come in to get specific advice for our needs. The attorney spoke to us in terms we could understand, coming to our level and did not make up feel uncomfortable. They were very considerate and caring. We didn’t feel rushed. We felt like they cared and knew what they were doing. C.P., Minnesota
Considerate and Caring
We were wonderfully satisfied. Wayne did an outstanding job of explaining, diagramming and answering questions and concerns. JW & CD, North Dakota
Wonderfully Satisfied
All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us.  ~Anonymous
Completed in a Timely Matter

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

FREE ESTATE PLANNING WORKSHEET

  • This field is for validation purposes and should be left unchanged.

Where We Are

2650 32nd Avenue South, Suite O
Grand Forks, ND 58201
Phone: (701) 738-0060
Fax: (701) 738-0064

See Larger Map Get Directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

german_sidbr_map
  • Speaker Connection
  • Advantages of Working With Our Firm
  • About The American Academy
  • Sitemap
  • Contact Us

Connect to Us

  • Facebook
  • Twitter
  • Linkdin
footer-logo

© 2019 German Law Group
All Right Reseved.

Attorney Advertisement