When the term ‘Estate Planning’ comes to mind, you may think to yourself, “Death can be scary. Why would I want to think about it?”; “I’ll be dead, why should it matter?”; or “Estate planning has nothing to do with me. I’m not rich.” The thought of establishing a plan for your estate can oftentimes feel overwhelming or scary. You may even feel as if it does not apply to you. Studies show that many people over the age of 30 do not have a will. Even fewer people have yet to establish any type of estate plan. While the thought of death can be unpleasant, it is critical to the well-being of your loved ones that you take the time to create an estate plan.
1. What is estate planning? Why do I need it?
Estate planning is the process of arranging for the management and conveyance of your estate during life, in the event that you become incapacitated or die. Estate planning is for everyone. Estate planning includes, but is not limited to, the bequest of assets to heirs, the settlement of estate taxes, and the determination of how individual assets will be preserved, managed and distributed after death. It also takes into account the management of property and financial obligations in the event of incapacitation or death. The most basic step in estate planning involves drafting a will.
2. What if I don’t have a will?
In the State of North Dakota, if you pass away without a valid will, you are considered to have died “intestate”. The State of North Dakota has established a number of laws, referred to as “Intestacy Laws” or “Laws of Intestate Succession” to determine who will receive your property if you die intestate. Examples include share of spouse, share of heirs other than surviving spouse, individuals related to decedent through two lines, and no taker. However, a complete list can be found within North Dakota Century Code 30.1-04. If you want to have any semblance of control over what happens to your property after you die, get a will.
3. What if I don’t own much?
This question can be a common misconception amongst clients. This in turn often leads to further procrastination in establishing an estate plan. There is no minimum amount an individual needs to possess in order to have an estate plan.
Creating any sort of estate plan is important for everyone. It does not matter your age or net worth. The process can be difficult and often overwhelming. Contacting an experienced attorney to assist you in the matter makes the process a lot easier. Our experienced attorneys can help you determine what type of estate plan best benefits you.
Contact Rosenquist Law Office by phone: 701.775.0654 or by email: lawinfo@rosenquistlawoffice.com to set up a free consultation.*The information contained in this article and on this website is for informational purposes only. This information is not legal advice and should not be relied upon as so.
