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Are you thinking about disinheriting your children?

Though you may have felt a great sense of joy when you became a parent, the relationships with your kids may have crumbled over the years. As a result, you may feel as if you have little relationship with them at all. Now that you have decided to begin estate planning, you may wonder what your children could potentially inherit in the event of your death and whether you could prevent such action.

Are you aware of your non-probate assets?

The types of assets a person owns can impact how his or her estate closes after death. The manner in which you plan for your family to address these assets can also impact the settling of your estate. If you hope to ensure that your estate administration goes smoothly for the sake of your surviving family, understanding your assets could prove beneficial.

Incentive trusts may enrich your estate

You have likely reached a point in your life where you are able to help your loved ones financially. It may give you great satisfaction to slip some spending money to your grandchildren or take your adult children out for a nice dinner with their families. Perhaps you are able to do even more, such as paying for their college educations or helping them with the mortgages on their homes.

Do you feel ready to appoint a power of attorney agent?

Preparing for potentially detrimental life events may have you feeling lost. The idea of suffering serious injuries in an accident, developing dementia in old age or otherwise becoming incapacitated may cast a dark cloud over your future. However, this type of scenario is common, and therefore, addressing the potential for incapacitation may allow you to feel better in knowing that you planned for such an event.

Protecting assets now so you can avoid a dispute in the future

Protecting your assets is a critical effort, both for your protection now and in the years to come. While it is impossible to predict the future, you may feel that a divorce could be a major threat to your financial future. Fortunately, with a strong estate plan and asset protection plans in place, you can have security in the years ahead. 

Where will your assets go if you die intestate?

Commonly, many Nevada residents mistakenly believe that they do not need to create an estate plan. However, those individuals also may not know what happens to an estate when no will or other related documents exist. If you find yourself considering the possibility of skipping the estate plan, you may want to find out more information on what could happen to your property when you die intestate, or without a will.

4 questions you may have about estate planning

At some point in your life, you have likely considered the inevitability of your own demise. Though this type of idea can sometimes prove difficult to think about, death happens to everyone. Because of this natural and unavoidable outcome, you may have also wondered how your surviving family would get on in your absence and whether you could potentially take steps to better ensure their financial stability.

Out of sight out of mind, not the best policy for estate plans

Did it take you awhile to finally execute an estate plan? If so, you're definitely not alone. Many people in Nevada hesitate to even broach the subject because they don't much care for discussing their own mortality. However, perhaps like you, many people also realize the importance of documenting their final wishes or specific instructions related to their wills, powers of attorney and/or medical directives. Estate planning is a highly customizable exercise that most adults can use to protect their assets and care for loved ones.