Creating an estate plan is not just a practical endeavor, it is also a gift you give to those you love. A well thought out estate plan does protect your hard-earned assets; however, it also protects your loved ones in the event you become incapacitated and after you are gone. Given everything your estate plan can do for you and your loved ones, care should be taken when selecting an attorney to help you create your plan. At the German Law we are committed to helping our Dickinson, North Dakota friends and neighbors create an estate plan that achieves all of their estate planning goals.
Dickinson, North Dakota
Located in the southwestern portion of the state, the city of Dickinson, North Dakota covers just over 10 square miles. Dickinson serves as the county seat for Stark County and had an estimated population of almost 23,000 residents as of 2018.
Dickinson was founded by its namesake, a New York business man and politician named W.S. Dickinson, in 1881. For over a century, the city remained a well-hidden gem. It was the North Dakota Oil Boom that put Dickinson on the map. The North Dakota Oil Boom began in 2006 with the discovery of Parshall Oil Field and continued for the next decade. During the oil boom, the rapid extraction of oil from the Bakken formation led to prosperity for the city of Dickinson, even while the rest of the country was experienced the Great Recession. In fact, The oil boom provided enough work that North Dakota came through the recession with the lowest unemployment rate in the nation. At the 20,10 Census, Dickinson was home to fewer than 18,000. By 2019, some estimates put the population at over $30,000. The rapid expansion has also led to an increase in diversity within the city as well.
German Law in the Dickinson, North Dakota Community
Given the importance of the finished product, care should be taken throughout every step of the estate planning process, starting with your choice of an estate planning attorney to work with you on your plan. Knowing how difficult it can be to discuss highly personal financial and family matters with a virtual stranger is one of the many reasons why the estate planning attorneys at the German Law strive to create lasting relationships with each and every Dickinson, North Dakota client.
A successful estate plan requires a solid foundation; however, that foundation must then be built upon and fortified to keep it strong. The plan you create when you are young, single, and just building your estate will not be sufficient to meet your needs later in life when you have a family and a larger estate to consider. Taking the time to review and update your plan is important to ensure that your estate plan reflects the life you have now, not the life you had when you created your initial plan. That initial plan may focus almost entirely on the distribution of your estate assets in the event of your death given that you don’t have additional worries or needs at the time. It won’t be long though before your needs exceed such a simple plan. If you get married, for example, you will undoubtedly want to include your new spouse as a beneficiary in your Last Will and Testament, trust agreement, and/or life insurance policy. When you first become a parent you will realize the need for incapacity planning within your estate plan to ensure that your child is well cared for in the event of your incapacity. As you build up your estate assets over the years you may also need to consider adding tax avoidance and asset protection strategies and tools into your overall plan. As retirement beckons, you will want to incorporate your retirement plans into your estate plan as well as consider the need for Medicaid planning. Finally, funeral and burial planning as well as advance directives should be added to your estate plan to guarantee that your wishes will be honored at the end of your life.
At the German Law, we are committed to being with you throughout your life journey to ensure that you, your assets, and your loved ones are protected.
If you have additional question or concerns regarding estate planning in the Dickinson, North Dakota area, contact the experienced estate planning attorneys at German Law by calling 701-738-0060 to schedule an appointment.