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Estate Planning in North Dakota

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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  1. Estate Planning in North Dakota Getting Started

  2. Getting Started

  3. What is estate planning?

  4. 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

  5. Initiate the Discussion

  6. Take Inventory and Evaluate the Present

  7. Develop Objectives

  8. 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

  9. Choose Professional Advisers and Discuss Objectives

  10. Consider Alternatives and Implement Your Plan

  11. Review and Modify

  12. What Can a Plan Do for You?

  13. What Your Attorney Should Know • Personal information • Property information • Assets • Insurance • Accounts receivable • Liabilities • Retirement plans • Location of important papers

  14. Property Ownership • Fee simple absolute • Life estates and remainder interests • Sole ownership • Co-ownership

  15. Fee Simple Absolute • The closest thing to absolute ownership

  16. Life Estates and Remainder Interests • Life tenants • Remaindermen

  17. Sole Ownership

  18. Co-ownership • Tenancy in common • Joint tenancy

  19. 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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