ESTATE PLANNING

You don’t need to be a millionaire to plan your estate. In fact, by drafting certain documents you may help to ensure that even the smallest estate is distributed the way you want it with the least stress on family members.

Estate planning is a process which differs from person to person. An estate may consist of your home, car, business, personal possessions, life insurance policies, or investments. Not only does every individual estate differ, so do the hopes and desires for what a person wants to happen with that property after he or she is gone.

There are several tools which can be used to ensure that your estate will be administered and distributed the way you want, such as through a will or a trust.

In the event a person is injured or becomes sick, a durable power of attorney and a durable power of attorney for healthcare allow you to decide, in advance, how your health care and other matters will be handled and by whom, if you are unable to make those decision s for yourself.

WILL

Most people know what a will is. A will is a written document which provides for the disposition of a person’s property after death.

In North Dakota, any person of sound mind, 18 years of age or older, may dispose of his or her property by a will. A will may be hand written or typed. Either way, certain legal criteria must be met to ensure that it is a legally enforceable document.

Distribute Your Property Upon Your Death

A will can be used alone or in conjunction with other forms of estate planning to provide for the orderly distribution of a person’s property after death.

Protect the Interests of Minor Children

A will can also designate who will be the guardian of one’s minor children. If a person dies without a will and has minor children, a judge may decide who the appropriate guardian of the children will be. By properly drafting a will, parents can designate a guardian of their children in the event both parents become deceased.

TRUST

A trust can take effect while one is still living (inter vivos) or can be incorporated into a will to take effect at one’s death (testamentary). A trust can provide for one’s spouse, minor children or act as a tax savings plan. However, careful consideration must be used in implementing any trust.

DURABLE POWER OF ATTORNEY FOR HEALTHCARE

A durable power of attorney for healthcare is a document which describes how a person wishes to be treated in the event he or she can not state his or her medical treatment desires. Some of the most common types of healthcare issues address in the durable power of attorney for healthcare document relate to life support and life prolonging procedures. With this document you can also designate a person to handle your medical issues in the event you are unable to do so yourself.

DURABLE POWER OF ATTORNEY

A durable power of attorney for healthcare addresses only health-related issues. A durable power of attorney allows a person to designate someone to handle other matters that the incapacitated person can no longer deal with, such as the family business, everyday bills and expenses, savings and checking accounts, and other financial matters.

PROBATE

When a person dies, certain affairs may continue after his or her death. Probate is a court process used to collect, protect, and preserve the probate property and asset of the deceased person. Through probate, the personal representative pays all debts, claims, and taxes owed by the estate, and distributes the deceased person’s property in accordance with a will or the laws of intestacy then in effect.

PROPER PLANNING

Proper planning can help to ensure that your affairs are managed in the event of disability or incapacity. Proper planning also helps to ensure that upon your death, minor children will be provided for in a time of need and that your property will be distributed as desired with the least amount of estate tax.

David R. Bliss, P.C., Attorney at Law
P. O. Box 4126
109 North Fourth Street Suite 300
Bismarck, North Dakota 58502-0817
Phone: (701) 223-5769
Fax: (701) 222-3586