Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. Read on to learn more … [Read more...] about What an In Terrerem Clause Can Do for You
When Should I Update My Trust?
At least one trust agreement is frequently included in a comprehensive estate plan. After taking the time to consult with an attorney and think through the provisions of the trust agreement, however, people often forget about their trust. Failing to update a trust can decrease the trust’s effectiveness or cause it to fail entirely. With that in mind, the Grand Forks trust attorneys at German Law | Wealth explain when you might need to update your trust agreement. Contact a Grand Forks Trust … [Read more...] about When Should I Update My Trust?
Trust Mistakes to Avoid
Although a Last Will and Testament is likely the cornerstone of your estate plan, you will also probably incorporate additional estate planning tools and strategies into that plan to ensure that all your goals are reached. Many people, for example, include a trust in their estate plan. The best way to ensure that you do not make any mistakes with the trust you create is to work closely with an experienced estate planning attorney. In addition, the Grand Forks trust attorneys at German Law … [Read more...] about Trust Mistakes to Avoid
How Your Trustee Can Threaten the Success of Your Trust
If you are one of the many people who choose to include a trust as part of your overall estate plan, one of the most important decisions you will make when creating that trust is your choice of Trustee. In fact, your choice of Trustee could be the key factor in determining whether your trust succeeds or fails. To help you better understand the importance of choosing the right Trustee, the trust attorneys at German Law | Wealth explain how your Trustee can threaten the success of your … [Read more...] about How Your Trustee Can Threaten the Success of Your Trust
Why Would I Want a Trust to Be Defective?
If your estate consists of significant assets, one of your primary considerations within your estate plan should be the impact federal gift and estate taxes will have on your estate after you are gone. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trust (“IDGT”). The Grand Forks trust attorneys at German Law | Wealth explain how an Intentionally Defective Grantor Trust can be used to transfer wealth to family members during your lifetime. Intentionally … [Read more...] about Why Would I Want a Trust to Be Defective?
How Can a Trustee Cause a Trust to Fail?
If you are one of the many people who choose to include a trust as part of your overall estate plan, one of the most important decisions you will make when creating that trust is your choice of Trustee. In fact, your choice of Trustee could be the key factor in determining whether your trust succeeds or fails. To help you better understand the importance of choosing the right Trustee, a Grand Forks trust attorney at German Law explains how a Trustee could cause your trust to fail. Trust … [Read more...] about How Can a Trustee Cause a Trust to Fail?
Reasons to Create a Living Trust
A comprehensive estate plan will typically incorporate a wide variety of estate planning tools and strategies into the plan 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 Grand Forks trust lawyers at German Law explain common reasons you … [Read more...] about Reasons to Create a Living Trust
Why Would I Want a Trust to Be Irrevocable?
A living trust is a common addition to the average estate plan. If you are contemplating the creation of a living trust, you will need to decide if your trust will be a revocable living trust or an irrevocable living trust. As the name implies, an irrevocable living trust is one that cannot be modified or revoked by the Trustor once the trust is established. You may be wondering why you would want to make your trust irrevocable. The Grand Forks trust lawyers at German Law explain why you might … [Read more...] about Why Would I Want a Trust to Be Irrevocable?
How Can a Trust Help Protect an Inheritance?
Often, the most difficult part of creating an estate plan is not deciding who to leave your assets to, but deciding how to leave those assets to the intended beneficiaries. Simply handing over a sizeable inheritance isn’t always the best way to structure your estate plan for one reason or another. When that is the case, a Grand Forks living trust attorney at German Law explains how a living trust can help you to avoid living a lumpsum inheritance. Why Shouldn’t I Pass Down a Lump Sum … [Read more...] about How Can a Trust Help Protect an Inheritance?
Should My Trustee Be Able to Make Discretionary Decisions?
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 Should My Trustee Be Able to Make Discretionary Decisions?
