Estate Planning In North Dakota

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Estate Planning

Estate planning is a process by which individuals develop a vision for how their affairs will be finalized at the time of their death. Identifying heirs, providing for survivors, and managing taxes often are goals addressed in an estate plan. Wills, trusts, co-ownership, gifts, and life insurance are only a few of the tools that individuals can use to implement their estate plan.
Why plan your estate?
To many people, “estate planning” sounds like something only for the rich. Yet few families today can do without it. If you do not make a plan, state and federal laws decide what happens to your estate.
Estate Planning Steps
Like most planning processes, estate planning can be described as a series of steps.
Property Ownership
Every person needs to know how they own their property, such as individual or joint ownership, understand the alternative ways of owning property, and appreciate which form of ownership may best help them achieve their goals.
Wills
A will is a legal document that directs how your affairs should be concluded after your death.
Probate
“Probate” is the legal procedure for settling an estate when someone dies owning property, that is, assuring creditors are paid and the remaining property is distributed among heirs identify in the will or according to state law if there is no will.
Trusts
Trusts are flexible and useful tools in estate planning and can be designed in a number of ways. They can help families meet various estate planning objectives, such as reducing probate costs, providing property management for a surviving spouse or children, giving children their inheritance during a period of time, providing for the incapacity of oneself or others, reducing estate taxes or contributing to a charity.
Gifts
Property may decide to transfer some of their assets to family members and other heirs prior to death. Gifts are the mechanism for such property transfers.
Life Insurance & Annuities
Life insurance and annuities are a strategy for providing cash to meet future needs.
Estate and Gift Taxes
A common concern is the taxes that will be owed as one transfers their property to family members and others. This page introduces estate and gift taxes.
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