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 - PowerPoint PPT PresentationTRANSCRIPT
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