About micro estate planning

On Behalf of | Aug 16, 2018 | Estate Planning

Nevada residents may already be familiar with the various benefits that long-term estate planning can provide, such as the elimination of probate fees and a reduction in taxes. However, micro estate planning is a type of planning that many people should consider using as well.

Traditional, long-term estate planning is helpful for establishing what should happen to dependents and assets for the years after the death of a decedent. Micro estate planning pertains to what should occur in the hours or days after a person dies.

For example, parents can stipulate exactly who should be contacted if they die unexpectedly and who should care for their children during the period before legal guardianship is established. The legal document that provides these details can be stored along with other estate planning documents and a copy can be placed in a very visible place in the home.

Situations in which both parents die unexpectedly, and there are no documented instructions about what should occur in the immediate aftermath of their deaths, law enforcement are required to contact child protective services for the children. This can compound the trauma the children are feeling after having learned that their parents have died.

An attorney who practices estate planning law may advise clients about which legal documents are necessary to ensure that their wishes are adhered to after their deaths. The attorney might advise clients of which type of estate planning documents can ensure that their children are properly taken care of in the event that both parents die. The attorney may recommend completing certain types of wills, trusts and powers of attorney. The attorney’s will planning services may include assistance with drafting certain provisions. Additional services the attorney might provide may include addressing probate issues through litigation, such as contesting the contents of a will.