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Estate Planning in North Dakota

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Estate Planning in North Dakota - PowerPoint PPT Presentation


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Estate Planning in North Dakota. Getting Started. Getting Started. What is estate planning? . Basic Steps in Estate Planning . Initiate the discussion Take inventory and evaluate the present Develop objectives Choose professional advisers and discuss objectives

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Presentation Transcript
basic steps in estate planning
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
what are your objectives
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
what your attorney should know
What Your Attorney Should Know
  • Personal information
  • Property information
  • Assets
  • Insurance
  • Accounts receivable
  • Liabilities
  • Retirement plans
  • Location of important papers
property ownership
Property Ownership
  • Fee simple absolute
  • Life estates and remainder interests
  • Sole ownership
  • Co-ownership
fee simple absolute
Fee Simple Absolute
  • The closest thing to absolute ownership
life estates and remainder interests
Life Estates and Remainder Interests
  • Life tenants
  • Remaindermen
co ownership
Co-ownership
  • Tenancy in common
  • Joint tenancy
summing it all up
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
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