Planning your estate in North Dakota doesn’t have to be a costly or tedious process. You might already have in mind which assets you want to leave to your heirs. You should also have a good idea of just who those heirs will be. From there, it’s just a matter of filing the paperwork and updating it with your attorney when required.
Providing for your loved ones
Estate planning is the process of designating your property and assets to the individuals of your choosing. These individuals that you select will become the beneficiaries of your plan after you pass. Your spouse and children are natural candidates to be named as heirs. These are the people you will most likely leave the bulk of your estate to.
You can augment your estate plan in a number of ways. While most people are familiar with wills and trusts, you can also set of a series of documents or directives that can help your loved ones make difficult decisions on your behalf should you become ill or incapacitated. For example, an advance health care directive can state your health and medical wishes, while a durable power of attorney can state key financial decisions.
Make sure your estate plan is updated
The next detail to keep in mind is that you will need to update your estate plan from time to time. This will be especially important if you happen to get divorced and then remarry. If this is the case, you should update your estate plan to make sure that your loved ones are appropriately provided for, including any children from a previous marriage. The most important thing you should do is update your estate plan to make sure your current, rather than former, spouse is included.
Whatever life changes may come your way, your estate planning attorney can be a helpful resource for understanding when your plan might need a change.