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Estate Planning Archives

Choosing an executor plays significant estate planning role

Your will may act as the staple of your estate plan. This document can provide instruction for various parts of your estate, most commonly the distribution of your assets. However, before your will and estate can go through the probate process, your executor must carry out certain duties. Therefore, you may want to ensure that the party you appoint to the position of executor has the capabilities and willingness to take on the position.

Taking care of your loved ones is not a DIY project

Everyone loves a good do-it-yourself project, but there are some things in life that are too important to do on your own. One of these things is estate planning. Despite the advertisements for kits and websites that claim to help you build your own will and create an estate plan quickly and cheaply, there is nothing that can replace the guidance of a knowledgeable legal ally.

Let your estate plan evolve along with your life

If you have a will, you might have gone the whole nine yards and established estate plans that give you complete control of what will happen to your assets upon your death. However, your estate plan -- even if drafted with the guidance of a skilled estate planning attorney -- will be of little use if it did not keep up with the financial and personal changes that occurred over the years.

Your plan or the state's: That is the question

You may be one of many people in Nevada who have never executed an estate plan. However, did you know this does not mean you don't have one? In fact, whether you have personally designed your own plan or not, there are default estate rules that activate at the time of your death. This means a plan will be carried out; it is just a matter of whether it will be the one you chose or the one the state has determined appropriate.

Establishing guardianship for future contingencies

It is impossible to predict the future within any degree of certainty, but it is possible to plan for contingencies. Any person might experience a serious illness or suffer an injury in a future accident, and a guardianship is a practical and prudent way to protect your interests and wishes in these circumstances.

Estate Planning and Prenuptial Agreements

The beauty of estate planning is that it allows people to put their affairs in order. Perhaps after the divorce papers are signed, a person will put together a new individual plan of how their remaining assets are to be dispersed to the kids, what sort of medical care is desired and how other family responsibilities are to be handled. It can be as simple or as complex as needed.

Top tip for future financial security: Get an estate plan

It may seem counterintuitive, but planning for death can help you make the most out of life. A recent piece in the Huffington Post discussed the importance of estate plans, noting that these legal tools are important for everyone, regardless of age.