Wills and estate planning in nd march 2011
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Transcript of Wills and estate planning in nd march 2011
Estate Planning in North Dakota
Getting Started
Do you have an Estate Plan?
Yes you do! And if you don’t have a personal Estate Plan - - -
North Dakota has one for you!
What is Estate Planning?
“I want to control my property while alive, take care of my loved ones and myself if I become disabled, and, upon my death, give what I have to whom I
want, the way I want, and when I want.
And if I can, I want to save every last tax dollar, professional fee, and court cost
possible.”
Basic Steps in Estate Planning
Step 1 - Initiate the discussionStep 2 - Take inventory, evaluate the presentStep 3 - Develop objectivesStep 4 - Choose professional advisers Step 5 - Consider alternatives Step 6 - Review and modify
Initiate the Discussion
Take Inventory & Evaluate the Present
Take A Complete Inventory Non-titled Property Real Property Financial Assets
Develop Objectives
It is your estate Where do you want it to
go? What do you want to
accomplish?
Choose Professional
Advisers Attorneys Accountants Financial Advisors Trust Officers Life Insurance Underwriters
What Your Attorney Should Know
Personal Information Property Information Assets Insurance Accounts Receivable Liabilities Retirement Plans Location of Important Papers
Personal Representative
Every estate plan needs as PR Name one in the will or trust Court will appoint PR if one is
not named PR usually hires an attorney to
assist in settling the estate
A Will . . .
Distributes property after death
Tells Who, How and When the property is distributed
Names guardians Names a Personal
Representative
Creating a Valid Will
The Testator must be 18 years of age
Must be of sound mind Must not be under undue
influence Must be in writing Must be signed with two
witnesses present Signatures Notarized
Restrictions on Will
A surviving spouse is entitled to at least 50% of assets (ND law)
Property owned in Joint Tenancy with right of survivorship passes out side a will
Assets with a beneficiary designation pass outside a will
Drafting a Will on your own
Will templates (fill in the blank)
Online options Software tools Holographic wills
If you have a Will do you have an
Estate Plan? A will is important but it is just one tool used in planning an estate.
Estate Planning Tools
A Will Property
Ownership Beneficiaries Trusts Gifting Charitable
Giving Prenuptial
Agreement
Durable Power of Attorney
Power of Attorney for Health Care
Living Will HIPAA
Release Letter of Last
Instructions Life Insurance
Property Ownership
How property is owned is Estate Planning!
Determines if it passes through a will
Determines if it goes through probate
Sole Ownership
One owner
Total control of property
Upon death the property goes to the owner’s gross estate
Passed on through a will
Needs to go through probate
Co-Ownership
When two or more people hold legal title to a property
• Tenancy in common• Joint tenancy
Life Estates and Remainder Interests
Holders of a Life Estate share ownership with those who will receive the property after their death.
•Life tenants•Remaindermen
What is Probate?
Legal (court) procedure for settling an estate after someone dies
Assists in the distribution of property
Approves or appoints Personal Representative
Notifies Creditors Inventories and appraises property Insures payment of taxes owed
Additions to Estate Plan
Letter of last instructions Advance Directives (living
will) Durable power for
attorney for health care List for passing on
tangible personal property
Review and Modify
Review Estate Plan every 3 to 5 years
When there is a major change in your life
Changes in Tax Laws
Thank You!
This presentation is not intended to be a substitute for legal
advice.