Estate planning is understandably not a favorite topic for many people. Most people put off thinking about end-of-life planning, and some estimates say that six out of ten adults have no estate plan in place. Nevada residents who are in this category might want to learn about some basics.
Trusts, wills and other tools are not just needed for end-of-life planning. Unforeseen circumstances can leave those of any age incapacitated, and this makes it wise to have a plan in place just in case. While this is a touchy subject for many, people may experience peace of mind after tackling the topic.
A little planning is required before making an estate plan. People should find all the necessary information that may be needed about bank accounts, real estate, savings accounts, life insurance policies and more. Possessions of value may also need to be included whether the value is monetary or sentimental.
It is best to gather the relevant documents and work with an attorney. This allows people to get a tailored plan and learn about taxes and any legal ramifications. Creating a will without professional assistance is not recommended. Any mistakes could negatively impact the loved ones who inherit an estate. Estate planning decisions do not have to be kept secret. It is especially important to talk about the choices when naming an executor or an agent under a power of attorney. These people should not be surprised to learn they have an important role in the plan.
Proper planning offers many benefits. For example, trusts can offer tax benefits for an individual and maximize the amount of his or her estate that goes to beneficiaries. A will helps ensure one’s last wishes are met.