While many Nevada residents may think that they are too young to need an estate plan, the reality is that it can be advisable at every stage of life. Even if there aren’t any children in the picture, estate planning can be an invaluable tool for the protection and preservation of assets.
A person interested in establishing an estate plan will need to write a will. Having a detailed will is necessary for ensuring that one’s intentions are appropriately followed with respect to the distribution of the testator’s assets. It may also be advisable to prepare financial and health care powers of attorney that appoint a trusted individual to make certain decisions in the event the principal becomes incapacitated.
Since one of the primary purposes of estate plans is designating beneficiaries, it’s necessary to explicitly identify those persons within the requisite documentation. In some cases, a person might choose a charitable organization to be the primary beneficiary, but many others decide to leave money for someone dear to them. The terms of the estate need to be clearly defined in order to minimize any potential conflicts or disruptions down the road. If there exist any ambiguities in the estate plan, it’s possible for one’s intended financial beneficiaries to instead find themselves embroiled in costly litigation.
Someone who’s interested in creating a viable estate plan may wish to consult the matter with an attorney beforehand. An attorney can help to navigate any potential complications in the estate planning process to ensure a more successful outcome for all parties involved. This can be a tremendous aid in securing the peace of mind that comes with knowing one’s financial situation is in good order.