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

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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


Initiate the discussion
Initiate the Discussion


Take inventory and evaluate the present
Take Inventory and Evaluate the Present


Develop objectives
Develop Objectives


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


Choose professional advisers and discuss objectives
Choose Professional Advisers and Discuss Objectives


Consider alternatives and implement your plan
Consider Alternatives and Implement Your Plan



What can a plan do for you
What Can a Plan Do for You?


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