Estate planning for young people in Nevada

On Behalf of | Aug 31, 2015 | Estate Planning

The transition into a career or vocation can be exciting as independence and the ability to support oneself are realized. However, it’s easy to focus on the perks of a professional life without giving much thought to future issues such as estate planning. Younger Nevada residents may not realize it, but having an estate plan in place, even at a young age, could be beneficial to family members in the event that they are killed or unable to make decisions.

When an individual dies without a last will and testament, the court system is left to address the distribution of that person’s belongings through a process known as probate. An individual can avoid being intestate by creating a will, but this alone may not prevent the probate process from occurring. However, it will provide a reliable guide to officials to ensure that belongings, finances and even social media accounts are handled in the desired manner. While creating a will, a young adult may want to learn more about trusts as well.

A more comprehensive estate plan may be appropriate to ensure that issues such as life-saving health measures are clarified. Without an advance directive, there could be differences of opinion among loved ones over issues such as feeding tubes, whether or not to revive and whether to use equipment such as ventilators. An incapacitated person is unable to contribute their thoughts at this point, meaning that their only method of expressing their desires may be legal documentation.

A young adult might consider scheduling a meeting with an estate planning lawyer to learn about the various elements of a solid estate plan. A lawyer may highlight factors like keeping beneficiaries updated on insurance policies and retirement plans. Additionally, a lawyer may recommend intervals and events that warrant the review of an estate plan.