This document is a 53-page Declaration of Trust. It includes definitions of all relevant terms, as well as the constitution, capital accounts, valuations and prices, issue of units, register of unitholders, transmission, redemption of units, and every other necessary clause that constitutes a valid Declaration of Trust.
The North Dakota Declaration of Trust is a legal document that establishes a fiduciary relationship between the settler (the person creating the trust) and the trustee (the person or entity appointed to manage the assets within the trust). This legal arrangement is recognized and governed by North Dakota state law. The North Dakota Declaration of Trust serves as a detailed and binding agreement outlining the terms, conditions, and objectives of the trust. It specifies how the trust assets should be managed, who the beneficiaries are, and any specific instructions or wishes of the settler. This legal instrument enables individuals to protect and preserve their assets, ensure their distribution according to their preferences, and potentially minimize estate taxes or avoid probate. The North Dakota Declaration of Trust offers flexibility, privacy, and control over one's assets, making it a popular estate planning tool. There are different types of North Dakota Declarations of Trust that cater to various circumstances and purposes. These include: 1. Revocable Trust: Also known as a living trust, this type of trust is created during the settler's lifetime and can be modified, amended, or revoked at any time. It allows the settler to retain control over the assets until their death, at which point the trust becomes irrevocable. 2. Irrevocable Trust: Once established, an irrevocable trust cannot be altered or revoked without the consent of all beneficiaries. This type of trust offers greater protection against creditors and estate taxes, as the assets are no longer considered part of the settler's estate. 3. Testamentary Trust: Unlike revocable and irrevocable trusts, the testamentary trust is created through the Last Will and Testament of the settler. It only becomes effective upon the death of the settler and typically includes instructions on how the assets should be managed and distributed. 4. Charitable Trust: This type of trust is established with the intention of benefiting charitable organizations or causes. It allows the settler to contribute assets to the trust, receive certain tax advantages, and support charitable endeavors of their choosing. When drafting a North Dakota Declaration of Trust, it is essential to consult with a qualified attorney experienced in trust and estate planning to ensure it complies with state laws and accurately reflects the settler's intentions.
