Estate planning is a must for asset protection

On Behalf of | Dec 2, 2015 | Estate Planning

Young Nevada residents often overlook the importance of estate planning when addressing their financial affairs. However, it is an important key to protecting earnings, savings and other financial assets.

In the event of death, the court system executes the disbursement of assets in the absence of a will or trust pursuant to the state’s law of intestacy. Court procedures can be emotionally draining and expensive for a family, especially after the loss of a loved one. The only way to protect a family from inheritance issues is to have a properly written estate plan. Estate planning is the only way to ensure an individual’s family inherits assets accumulated during a lifetime.

Many people understand that drafting a will is important, but some do not realize that it is only the beginning of a sound estate plan. While downloading a standard will form from a legal forms website may serve to get an individual started, the end result may not fully address an individual’s unique needs and cover all aspects of that person’s financial situation properly.

Though some people wait until they have children to start thinking about wills and estate planning, the best time to begin is as soon as an individual has an income, as having an estate plan can protect earnings. Also, married couples should also have an estate plan in order to make provision for each other in the case of one partner’s death.

Estate protection is important for everyone, regardless of age. Any individual who is earning an income should have a solid will and an estate plan that addresses the unique nature of his or her financial life. An experienced lawyer can help draft a complete estate plan that will help ensure a person’s assets are properly disbursed in case of death.