Estate planning is something most people don’t really like to think about. Often, young adults do not realize the importance of an estate plan. However, estate planning can be essential in the event that a Nevada resident needs to have medical decisions made for them, or in the event of his or her untimely death.
Once an individual reaches the age of 18, without a person legally designated to make medical decisions, the court or doctor could be the one making the decisions. A properly prepared estate plan can establish the individual’s desires in the event of a medical crisis and can identify who the individual wants making medical decisions for him or her. This can be done by adding a power of attorney to cover health care to the estate plan.
Another item to consider is who will take care of children. In the event of both parents’ death or incapacitation, a guardian needs to be named. By including this as part of a will or estate plan, the parents can identify the person they want taking care of their children. Without this, the court system will be responsible for identifying their caregiver.
A personal representative is also an important consideration in establishing an estate plan. This is the person who will sort through the assets, attend to outstanding debts and ensure that assets are distributed as desired. Again, if this individual is not named in a will or as part of an estate plan, the person responsible for these tasks will be at the court’s discretion. Nevada residents often find it beneficial to seek knowledge in preparing their will and other estate planning documents.
Source: tctimes.com, One document every person needs, Sally Rummel, Jan. 17, 2014