Your life’s work has built an impressive estate. It is important to find a North Dakota/Minnesota trust and will attorney that can help you to protect your estate and make sure that your assets are transferred to your beneficiaries in the method that you choose.
Drafting a will is the first step to estate planning. A will articulates your requests concerning the dispersal of your assets and specifies who will care for your children after you have passed if applicable. People of all ages and income levels can benefit from having a will. This is the best way to express what you would like to happen after your death.
If you have a smaller estate, chances are you will be suited for a simple will to transfer your assets. If your estate is larger, a trust and pour-over will is your best option. With a pour-over will, assets from outside your trust “pour into” the trust and from there they are allocated with the rest of the trust’s decisions.
At O’Keeffe O’Brien Lyson Foss we will explain to you the legal consequences of your decisions and help you understand how your family will benefit from your will.
Trusts are great tools for transferring your assets to your beneficiaries. Benefits of a trust include:
- Securely protect assets for beneficiaries
- Save your money and assets by avoiding estate taxes
- Keep government benefits for your disabled child while still setting aside funds for him or her
- Keep out of probate court
There is more than one type of trust. The North Dakota/Minnesota attorneys at O’Keeffe O’Brien Lyson Foss can help you to pick out a trust that is a fit for you and your family. The two most common types of common trusts include:
- Revocable living trust: The grantor can alter this trust while they are living. The trust’s assets are subject to estate tax
- Irrevocable trust: Once drafted, this trust cannot be altered. However, the assets are not subject to estate taxes
Whether you want to set up a trust, a will, or both, O’Keeffe O’Brien Lyson Foss Attorneys are here to help. To find out more about our trust and will legal services, call us at (701) 235-8000. Set up an appointment with an experienced North Dakota/Minnesota trust and will lawyer today.