The legal concept of a trust has been around for a very long time. As a result, there are now numerous types of specialized trusts that can help accomplish a long list of estate planning goals. One thing that all trusts have in common, however, is the need to appoint a Trustee when the trust agreement is created. If you recently learned that you were appointed to be the Trustee of a trust, and this is your first time acting in that capacity, the prospect can be a bit overwhelming. To get you … [Read more...] about Trustee Duties and Responsibilities in North Dakota
If you were recently appointed to be the Trustee of a trust and you have never before served as a Trustee, you likely have a number of questions about your duties and responsibilities as a Trustee. Whether or not you need to hire an attorney to help you administer the trust is probably one of those questions. There is no legal requirement obligating a Trustee to retain the services of an attorney; however, a Grand Forks trust administration attorney at German Law explains how an attorney can … [Read more...] about How Can an Attorney Help Me With Trust Administration?
If you are the beneficiary of a trust you have a legal interest in the trust assets and you have certain rights as a trust beneficiary; however, you are dependent on the Trustee of the trust to distribute assets to you according to the terms of the trust. What happens if a Trustee fails to distribute assets to which you believe you are entitled? To help answer that question, the Grand Forks trust administration attorneys at German Law discuss whether a beneficiary can force a Trustee to make … [Read more...] about Can a Beneficiary Force a Trustee to Make a Distribution?
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 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 terminate an … [Read more...] about Terminating an Irrevocable Trust in North Dakota
Trusts were once used almost exclusively by wealthy families as a tool by which the family wealth was passed down through the generations, often without paying substantial taxes on the transfer of wealth. Most of those tax loopholes have long since been removed; however, trusts are more popular than ever. In fact, trusts have evolved to the point where it is common to find at least one trust in the average estate plan. If you are considering the addition of a trust in your plan, or you are the … [Read more...] about When Does a Trust Terminate?
Trusts are frequently incorporated into a comprehensive estate plan. If you decide to incorporate a trust into your estate plan, you will need to appoint someone to be the Trustee of the trust. Your choice of Trustee is extremely important because your Trustee will be in a fiduciary role. There are several ways a Trustee can violate the duties that come with that fiduciary role. The Grand Forks trust administration attorneys at German Law explain Trustee self-dealing. The Fiduciary Duty of a … [Read more...] about Trust Administration Basics — What Is Self-Dealing?
A beneficiary of a trust has a legal interest in the assets held by the trust. For many reasons, a beneficiary may want to sell or otherwise encumber his or her interest in the trust. Can a beneficiary do that? A Grand Forks trust attorney at German Law discusses the rights of s trust beneficiary, specifically including the right to sell his or her interest in the trust. Why Might You Want to Sell Your Interest in a Trust? Typically, one of the primary motivations for a Settlor to use a … [Read more...] about Can a Trust Beneficiary Sell His or Her Interest in the Trust?
Were you recently informed that you are the Trustee of a trust? If so, and this is the first time you have served as a Trustee, you are probably feeling overwhelmed and wondering where to begin. While the trust administration process is unique to every trust, there are some common steps. To provide you with some guidance as a first-time Trustee, the Grand Forks trust administration attorneys at German Law offer tips and what to do after learning you are the Trustee of a trust. Trust … [Read more...] about I’m the Trustee! Now What?
Because a trust can help accomplish so many estate planning goals, it is common to find at least one trust agreement in the average estate plan. If you choose to establish a trust, that trust may own taxable assets, including real property. If so, you need to have a clear understanding of how trust property is taxed in the event it is sold or transferred out of the trust. The Grand Forks trust lawyers at German Law explain when capital gains taxes could be due upon the sale or distribution of … [Read more...] about Are Capital Gains Taxes Due on the Sale or Distribution of Trust Assets?
If you plan to pass down a moderate to large estate, you undoubtedly hope that the inheritance you to leave to loved ones is not squandered. Fortunately, there is an estate planning tool that can help ensure that doesn’t happen. The Grand Forks trust attorneys at German Law explain how a spendthrift provision in a trust can help protect the inheritance you pass down. Understanding a Spendthrift Provision in a Trust Agreement Understandably, simply handing over an inheritance without any … [Read more...] about What Is a Spendthrift Provision in a Trust?