What is a trust?

A trust is a legal relationship in which an individual (grantor/trustor) entrusts their property (assets) to another individual or entity (trustee) with the intention that the trustee will manage the assets for a designated beneficiary. When it comes to elder law in North Dakota, trusts fall under the purview of estate planning and are an important tool used by individuals looking to protect their assets from the probate process and pass them onto their heirs. Trusts can be used in a variety of ways, including reducing estate taxes, protecting assets from creditors, providing for care of the grantor in the case of incapacity, and more. Trusts are often included in estate plans, and can be established in either the grantor’s lifetime or upon their death. In North Dakota, there are many types of trusts that may be used including revocable trusts, irrevocable trusts, special needs trusts, and charitable trusts. Trusts are a complex legal document and should be created in consultation with an experienced estate planning attorney. An estate planning attorney will be able to provide guidance on which type of trust is best for the grantor’s individual circumstances and will be able to ensure that the trust is created in accordance with North Dakota laws.

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