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Estate planning is crucial regardless of the size of the estate

The average American, and the average resident of Nevada, falls in what many consider to be the middle class. Many of these individuals often feel that because they do not have a large estate, estate planning is not really necessary. Regardless of the size of the estate, it is a good idea to create an estate plan that will direct the distribution of assets and gives directives regarding medical decisions.

A basic estate plan consists of an individual's will and a power of attorney. A will indicates who should receive what assets. A key component of this is creating an inclusive listing of assets. Additionally, in the event that assets are being transferred to a minor child, provisions as to when this transfer should take place and who will be responsible until such a time should be stated.

Another key element is the power of attorney. This power should be granted to a trusted individual. This is the person who will actually ensure that assets are transferred as the individual wishes. Also, in the event that medical decisions need to be made, he or she is the one who can make these decisions and inform medical personnel of the individual's desires.

Many Nevada residents mistakenly view estate planning as something only for those who have a rather large estate with considerable assets. However, when there is property and assets to be transferred, a well-considered estate plan is beneficial. Finally, as circumstances change, it is a good idea to periodically review the estate plan and make modifications as necessary.

Source: floridaweekly.com, Plan your estate, no matter what the size of your assets, Jeannette Showalter, Feb. 6, 2014

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