Estate Planning in North Dakota

Getting Started

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

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