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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Estate Planning in North Dakota

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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

  • Consider alternatives and implement the plan

  • Review and modify


Initiate the Discussion


Take Inventory and Evaluate the Present


Develop 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


Choose Professional Advisers and Discuss Objectives


Consider Alternatives and Implement Your Plan


Review and Modify


What Can a Plan Do for You?


What Your Attorney Should Know

  • Personal information

  • Property information

  • Assets

  • Insurance

  • Accounts receivable

  • Liabilities

  • Retirement plans

  • Location of important papers


Property Ownership

  • Fee simple absolute

  • Life estates and remainder interests

  • Sole ownership

  • Co-ownership


Fee Simple Absolute

  • The closest thing to absolute ownership


Life Estates and Remainder Interests

  • Life tenants

  • Remaindermen


Sole Ownership


Co-ownership

  • Tenancy in common

  • Joint tenancy


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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