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Mistakes with your estate plan can cost you more than money

Nevada readers know that estate planning is smart for everyone, but sometimes, common mistakes can complicate estate-planning efforts. Simply having a will in place may not be enough to protect yourself and your family in case of a contingency. It is prudent to know how to avoid mistakes and missteps, allowing you to avoid complications in the future. 

How long will probate take?

After the death of a loved one, you may feel like matters go very quickly. Before you know it, relatives arrive, you discuss arrangements, and suddenly you are sitting at a funeral service thinking that you were talking with your departed parent or grandparent just days ago. At the end of the day, it may seem like everything is over. However, probate is just beginning.

Does your trust-based estate plan need a pour-over will?

After looking over the various estate planning options available to you, you may have decided that a trust-based plan would best suit your needs. Many Nevada residents often come to this decision as trusts can offer a variety of protections for your property while also allowing surviving family members to avoid probate, if the proper steps are taken to do so. Plus, this tool could also help you better dictate how your assets should be handled after your death.

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.