 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.

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Presentation transcript:

 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

 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

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

 Personal information  Property information  Assets  Insurance  Accounts receivable  Liabilities  Retirement plans  Location of important papers

 Fee simple absolute  Life estates and remainder interests  Sole ownership  Co-ownership

 The closest thing to absolute ownership

 Life tenants  Remaindermen

 Tenancy in common  Joint tenancy

 What is estate planning?  Basic steps in estate planning  What can a plan do for you?  What your attorney should know  Property ownership

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