The benefits of a micro estate plan

On Behalf of | Aug 9, 2018 | Estate Planning

Nevada residents are likely familiar with the basic benefits of an estate plan. Generally speaking, estate plans can help keep estate taxes to a minimum or transfer assets without the need to go through probate. It may also be possible to designate a guardian for a minor child. However, there may be a process needed to establish guardianship even if instructions are left in a will.

This may not account for what happens in the immediate aftermath of an event that leaves a parent either deceased or incapacitated. To account for a sudden passing or diminished mental capacity, a micro estate plan can be created. This will determine who a babysitter or other temporary guardian should get in touch with in an emergency. It can also determine who has a minor son or daughter until guardianship can be officially transferred in an official court proceeding.

For example, a micro plan document could stipulate that a child is to be cared for by a neighbor until a family member can arrive. This could be ideal if the nearest family member is hours or days away. Without proper documentation, a police officer may place the child in the custody of the state, which may not be in the child’s best interest after a traumatic event.

Proper will planning may make it possible to account for a variety of situations over both the short and long term. These plans should meet the best interests of a child or other family members after an individual passes. An attorney may help craft micro and macro plan documents in a manner that adheres to state law. Doing so may increase the odds that a will’s instructions are followed and executed in a timely manner.