People in Nevada might want to consider creating an ethical will as part of their estate planning. Although it is not a legally binding document, it acts as a sort of adjunct to the financial part of an estate plan.
The purpose of an ethical will is for people to pass on a sense of their values to their heirs. This means that they may want to ruminate on the roots of those values and what sort of life lessons they want their family to keep in mind. An ethical will may tell parts of their life story including the challenges they faced and what they learned along the way. Creating an ethical will can be a complex process, but it can also be the most important part of a person’s legacy.
There are other important components to an estate plan. One of these is a will that explains how assets will be passed on as well as naming a guardian for any minor children. People should also think about who they want to manage their affairs if they become incapacitated. A power of attorney allows someone to make financial decisions while a health care power of attorney chooses someone to make health care decisions. A person may also include instructions for end-of-life care.
Will planning is important for all adults, and estate plans should be reviewed regularly by the makers and their attorneys. A person’s financial and family situation may change, and it is important that an estate plan reflects that. For example, some assets, such as retirement accounts and life insurance, are passed on using beneficiary designations. If these are out of date due to a divorce, the assets may be distributed to people who the owner no longer wanted to receive them.