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April 2014 Archives

Careful consideration crucial when choosing powers of attorney

The process of estate planning enables Nevada residents to determine how their assets will be managed after their demise. It is not uncommon for people to focus mainly on financial matters in estate planning; however, there are other crucial aspects to attend to. Although it is not a thought often entertained, becoming mentally or physically incapacitated is a realistic possibility, and the selection of powers of attorney is essential.

Estate planning in Nevada involves more that just money

An important part of estate planning that is often overlooked by Nevada residents is planning the division of their personal possessions as paintings, ornaments, crockery and other heirlooms. Conflict often arises between children after the death of a parent, and it often concerns assets other than money. This is a reminder for people to include the division of such items in their estate planning.

Trust planning can protect assets and provide privacy

There are many reasons that Nevada families often look to trust planning as one way to protect their assets and provide privacy to their family. A living trust allows the individual to maintain control over the assets and alter the trust during his or her lifetime. However, it also allows the estate to avoid probate issues upon the death of the individual. Trust planning has become an essential tool in many individuals' estate plans.

Will planning and preparation requires attention to detail

Over the course of one's lifetime, the average Nevada resident will most likely accumulate some assets and other items. More than likely, this individual has specific desires regarding who should receive these assets and items upon his or her death. These desires are typically stated in the individual's will.

Health care powers of attorney can be a gift for your family

Some gifts are better than others. Many Nevada residents would probably love to receive the gift of jewelry, a new car or perhaps even a fabulous vacation. However, many times the intangible things given are worth much more in the long run. One gift to consider giving to family members is the gift of not having to debate and decide what one would want in the case of an accident or life-threatening illness. This gift can be given in the form of a living will and health care powers of attorney.

A trust may be the best option in estate planning

The decision as to whether a trust is the appropriate move in an individual's estate planning process is an entirely personal one. Each Nevada resident makes this decision either actively or passively, depending upon his or her actions. There are a number of reasons that an individual may want to consider a trust rather than just a will and power of attorney.

Living trust can assist with estate planning

Many individuals throughout Nevada are conscientious about planning for tomorrow. They often plan what they will wear, what they will eat and even where they will go on vacation. For many, however, not so much thought is put into planning for what will happen if they are not able to plan tomorrow. A living trust may be the answer to this dilemma.

A will is a simple form of estate planning

Every day in Nevada, people are born and people die. While those just born most likely do not have assets to call their own, almost every individual who dies will leave behind something that he or she owned. Then the decision as to who should have ownership of these assets must be determined. The simplest way to ensure that assets are distributed as the individual wishes is by creating a will while the individual is still able to do so.