No one knows what tomorrow holds. This is a familiar saying to many individuals across the state of Nevada. While tomorrow may consist of waking up, going to work, returning home and spending an enjoyable evening with loved ones, it may also end up much different from expected. Estate planning can assist in planning and preparing for the unexpected.
One of the first components of estate planning is creating an inventory of what assets an individual owns and also what debts he or she owes. Along with this listing, contact information and account numbers should be provided. This list, along with other financial documents, should be kept in a safe place.
Another component of estate planning is to make sure assets are protected. This can be accomplished by establishing necessary trusts, preparing a will and updating beneficiary information. In addition to a traditional last will and testament, a living will may be a good idea. A living will states the individual’s medical care wishes in the event that he or she is unable to do so.
Providing for minor children and/or dependents with special needs is also a key component of estate planning. A legal guardian should be established. Additionally, trusts or other means to provide for them financially should be identified.
At first, many Nevada residents may consider estate planning to be a daunting task. However, with a little preparation and guidance from experts in the field, it can provide peace of mind for whatever tomorrow may hold. Time spent planning now will be invaluable if the unexpected does occur.
Source: forbes.com, 6 essential steps for every estate plan, No author, March 12, 2014