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Considering the future of your possessions takes considerable time and effort. When the two things in life we can all really count on are death and taxes, how have you prepared for both? Who is going to get the house? What about the farm? And where will the money come from to cover the tax bill on your estate when you pass away? While most states allow belongings to pass freely to the surviving spouse after a death, hefty taxes may fall on your estate once it is passed on by your spouse. A good way to curb the tax man's appetite and to ensure you can possibly avoid the expense and hassle of probate is via the legal tool called a living trust.
Probate is a court process used to settle a will which can last as long as three years and can take up to 10% of your estate's value. Since living trusts aren't listed in the public record, as is the case with wills, these trusts provide you with more privacy in your estate decisions. Living trusts can also help you avoid certain estate taxes if prepared properly. Finally, a living trust allows you to hand over management of your assets to someone else if you are unable to manage them yourself due to an accident or illness.
If you're looking for more information about a living trust in North Dakota, check out LegalZoom's online legal library. Ready to set up your living trust? Simply fill out LegalZoom's easy-to-follow online questionnaire. We'll prepare your legal documents to North Dakota's specifications and include a pour-over will to take care of any assets your North Dakota living trust cannot. With LegalZoom, plan your estate's future, today.
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