Estate Planning in North Dakota
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Transcript of Estate Planning in North Dakota
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Estate Planning in North Dakota
Getting Started
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Getting Started
• What is estate planning?
• Basic steps in estate planning• What can a plan do for you?
• What your attorney should know• Property ownership
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What is estate planning?
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Basic Steps in Estate Planning
Initiate the discussion Take inventory and evaluate the present Develop objectives Choose professional advisers and
discuss objectives Consider alternatives and implement
the plan Review and modify
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Initiate the Discussion
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Take Inventory and Evaluate the Present
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Develop Objectives
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What Are Your Objectives?
Examples: Provide security for surviving spouse Retire at age ____ Name guardians, conservators or trustees
for minor children Transfer specific property to specific
people Provide charitable bequests Other
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Choose Professional Advisers and Discuss Objectives
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Consider Alternatives and Implement Your Plan
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Review and Modify
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What Can a Plan Do for You?
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What Your Attorney Should Know
Personal information Property information Assets Insurance Accounts receivable Liabilities Retirement plans Location of important papers
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Property Ownership Fee simple absolute Life estates and remainder interests Sole ownership Co-ownership
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Fee Simple Absolute
The closest thing to absolute ownership
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Life Estates and Remainder Interests
Life tenants Remaindermen
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Sole Ownership
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Co-ownership
Tenancy in common Joint tenancy
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Summing it All Up What is estate planning? Basic steps in estate planning What can a plan do for you? What your attorney should know Property ownership