If you have an estate plan in place, you are ahead of over half the population in the United States. Taking the time to create that plan, however, is only the first step toward protecting everyone and everything that is important to you. You must also update your plan for it to be successful and work as intended. The Grand Forks estate planning attorneys at German Law explain why it is important to keep your beneficiary designations up to date. Where Are the Beneficiaries in My Estate … [Read more...] about Are Your Beneficiary Designations Up to Date?
Making sure that your loved ones can access the assets you leave behind after your death should be an important estate planning goal. To achieve this goal, you must ensure that your estate is comprised of sufficient liquid assets. If you have not considered the need for liquidity within your estate plan before, you are not alone. It is a commonly overlooked aspect of estate planning. To help you avoid making this common mistake, a Grand Forks estate planning attorney at German Law explains how … [Read more...] about Will My Loved Ones Be Financially Secure When I’m Gone?
Although it is not common, beneficiaries do not always want the inheritance left to them by a decedent or to which they are entitled under state intestate succession laws. If you find yourself in a position where you do not want to accept an inheritance, what are your options? The Grand Forks estate planning attorneys at German Law discuss why you might not want to accept an inheritance and what to do if that is the case. Why Would I Not Want an Inheritance? It sounds crazy to refuse an … [Read more...] about What Do I Do If I Do Not Want to Accept an Inheritance?
As your estate plan evolves, you will likely find the need to include additional estate planning tools and strategies that help you accomplish additional goals and fulfill the needs of your growing family. Despite the abundant tools available to help you with your estate plan, you may find that you have pertinent, even crucial, information that applies to your estate plan, yet does not fit anywhere in your existing plan. The Grand Forks estate planning attorneys at German Law explain what a … [Read more...] about Do I Need a Letter of Instruction?
Planning for your “Golden Years” involves more than just saving money. Deciding where to live when you retire is also important as it will directly impact your finances and your overall quality of life. If you are planning to stay, or move to, North Dakota, the Grand Forks retirement planning attorneys at German Law have great news. According to the annual WalletHub state “retirement-friendliness” rankings, North Dakota ranks as the 6th best state to retire in the United States. Planning for … [Read more...] about North Dakota Ranked 6th Best State to Retire
For most people, a primary goal of estate planning is to create a roadmap for the distribution of their estate assets when they are gone. If you are at that point of your estate planning process, and you have adult children, you may be wrestling with some difficult decisions. Chief among those is whether to divide your estate assets equally among your children. The pressure is often great to do so; however, you have valid reasons to resist that pressure. A Grand Forks estate planning attorney at … [Read more...] about Should I Split My Estate Equally Among My Children?
As you undoubtedly realize, a well thought out estate plan can protect you, your assets, and your loved ones throughout the course of your lifetime and beyond. If you have never worked on an estate plan before, however, it can be a little intimidating to think about doing so. There are some things you can do and/or think about ahead of time that will likely help you get started with your estate plan. The Grand Forks estate planning attorneys at German Law help you to better understand what to … [Read more...] about What Should I Expect from Estate Planning?
If you are new to the concept of estate planning, it can seem a bit intimidating the first time around given all the various goals and objectives that are frequently rolled into an estate plan. The good news is that working with an experienced estate planning attorney will go a long way toward ensuring that your plan does accomplish all of those goals and objectives. Your estate planning attorney can also help explain the process and make you feel less intimidated. Before you even get to your … [Read more...] about Preparing for Your Estate Planning Consultation
Having a comprehensive estate plan in place is important for every adult. As you age the need for planning is heightened. Once you enter their “Golden Years” you should already have a well-developed estate plan; however, it is in your best interest to sit down and review your existing plan. The Grand Forks estate planning attorneys at German Law explain why updating your estate plan as you age is important. Why Do I Need to Review My Estate Plan When I Retire? When you reach your “Golden … [Read more...] about Why Updating Your Estate Plan As You Age Is Important
Over half of all Americans do not have an estate plan in place. That fact is not all that surprising given the fact that the average person is not familiar with most of the concepts and documents used in an estate plan. Although every estate plan is uniquely tailored to the needs and goals of the person creating the plan, there are some documents found in most plans. To help you familiarize yourself with these documents, the Grand Forks estate planning attorneys at German Law discuss three … [Read more...] about Three Estate Planning Must-Haves