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.