When a Grantor creates a trust, the beneficiaries of that trust are entitled to specific rights that must be upheld during the trust's administration. These rights can vary depending on the terms outlined in the trust agreement, the laws of the state, and the type of trust established. For beneficiaries, understanding these rights is crucial to ensure they receive what they are entitled to and to protect themselves from potential mismanagement by the Trustee. Whether you're a current … [Read more...] about The Rights of a Trust Beneficiary During the Administration of the Trust

Trusts are a common addition to the average estate plan. When you create a trust you will need to decide if you want the trust to be revocable or irrevocable. There are important estate planning advantages that often make an irrevocable trust the better choice; however, what happens if circumstances change, and an irrevocable trust needs to be modified? The Grand Forks trust attorneys at Thompson Law explain why you might need to decant a trust if your goal is to modify an irrevocable … [Read more...] about What Does It Mean to Decant a Trust?

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 Thompson 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

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 Thompson 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?

A Last Will and Testament will likely serve as the foundation of your estate plan; however, a well thought out and comprehensive estate plan should include additional estate planning tools and strategies as well. One common addition to an estate plan is a revocable trust. The best way to decide if a revocable trust should be included in your estate plan is to discuss your options with your North Dakota estate planning attorney. In the meantime, however, consider the following three common … [Read more...] about 3 Common Reasons to Consider North Dakota Revocable Trusts