Once your estate plan moves beyond the basics, there is a good chance you will decide to incorporate a trust into your overall plan to help achieve one of your many estate planning goals. You may, however, decide you need to make changes to your trust agreement at some point down the road. The Grand Forks trust lawyers at German Law Group explain how you modify a trust in case you find yourself at that point. Trust Fundamentals All trusts fit into one of two categories – testamentary or … [Read more...] about How Do I Modify a Trust?
While a Last Will and Testament remains the most commonly used estate planning tool, a trust is not far behind in terms of popularity. Trusts are frequently included in a comprehensive estate plan for a wide variety of reasons, including the fact that a trust can help your estate avoid probate. Can a trust help avoid challenges to your estate though? The Grand Forks trust attorneys at German Law discuss the possibility of contesting a trust. Trust Basics A trust is a separate legal entity … [Read more...] about Can a Trust Be Contested?
Initially, your estate plan may consist of nothing more than a Last Will and Testament that ensures your assets will be distributed according to your wishes. You will, however, undoubtedly elaborate on that plan as you acquire more assets and as your family expands. Eventually, your estate plan will likely include a wide range of estate planning tools, one of which may be an incentive trust. The Grand Forks trust attorneys at German Law explain how to make the most out of an incentive … [Read more...] about Making the Most Out of an Incentive Trust
If you are a parent, you already know that everything changes when you become a parent. Along with obvious day to day changes, such as never sleeping through the night again, your priorities and estate planning goals also change. Protecting your child if something happens to you becomes a top concern. A Grand Forks trust attorney at German Law explains why estate planning for children often includes the use of a trust. Why You Need More than a Last Will and Testament Your Last Will … [Read more...] about Estate Planning for Parents with Young Children
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
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 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 party for … [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