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

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?

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?

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?

Over the years, trusts have evolved to the point where it is now common to find at least one trust agreement in even a simple estate plan. One reason for the popularity of trusts is the numerous and diverse estate planning goals that can be accomplished using a trust. If philanthropy is part of your everyday life, for example, you may wish to consider using a trust to continue that charitable gifting in your estate plan. A Grand Forks trust attorney at German Law explains how to make a charity … [Read more...] about Can a Charity Be a Beneficiary?

Having at least a basic estate plan in place is important for every adult. If you are the parent of a young child, however, the need for careful estate planning is heightened. Your minor child cannot manage his/her own inheritance. Consequently, you must choose someone to do so for your child. The Grand Forks estate planning attorneys at German Law help you choose the right Trustee for your child’s inheritance. How Will You Pass Down Your Child’s Inheritance? When you contemplate passing … [Read more...] about Picking a Trustee for Your Child’s Inheritance

Trusts have become almost commonplace in a well thought out estate plan due in large part to the flexibility they offer in reaching estate planning goals. If you are considering the inclusion of a trust in your estate plan, you will need to make several decisions during the creation of the trust, including who to appoint as the Trustee of your trust. If you have never created a trust, you will also likely have a few questions, such as whether a Trustee gets paid. The Grand Forks trust attorneys … [Read more...] about Is a Trustee Paid?

If you are contemplating the addition of a trust to your estate plan, there are some common mistakes you want to avoid making, such as failing to name a successor Trustee. For those who are not familiar with how a trust is administered, a Grand Forks trust attorney at German Law explains why naming a successor Trustee is important to the success of your trust. Trust Basics First, it is important to have a firm understanding of what a trust is and how a trust works. A trust is a separate … [Read more...] about Do I Need to Name a Successor Trustee?

The odds are good that you will decide to incorporate at least one trust into your estate plan given how popular trusts are. If you do include a trust, you may decide to make your trust a secret or semi-secret trust. A Fargo trust attorney at German Law explains what a secret trust is and why you might want one. Understanding Your Last Will and Testament Most people are familiar with the concept of a Will. At its most basic, a Will is a legal document that allows the Testator (person … [Read more...] about What Is a Secret Trust?