From healthcare decisions after a disabling accident to child custody designations, all Las Vegas residents can benefit from some form of estate planning. It is a collection of documents that are personalized to meet a variety of needs both before and after death. The issues can range from establishment of trusts to powers of attorney for health care and financial decisions, but they all share one thing in common. A complete estate plan relies on choosing the right people to fill designated roles.
A look at the typical situation for parents writing a will provides illustration. Minor children introduce two critical concerns to wills, the provision of a guardian and the need to provide for their financial future. These roles should be delegated to people most competent in the area, not just someone trusted by the parents. The choice of a guardian would rely on the traditional characteristics inherent to the role, such as experience raising a family and current engagement in child care.
Choosing someone to manage assets bequeathed to children would rely more on financial dependability. Traits such as a high level of organization and proven ability to meet long-term goals are a must. Experience in handling finances is just as important for this role in trust planning as the trust of the parents.
Estate planning is often done to protect heirs and their future assets, but it can also protect the individual from poor decisions during periods of incapacity. The process is made more sound by matching the appropriate people to the required roles and asking for their permission to include them. Experienced legal counsel can provide guidance to clients on these types of matters.