Why the childless need estate plans too

On Behalf of | Feb 14, 2019 | Estate Planning

An estate plan can be a good thing for any adult living in Nevada. This can be true even for individuals who don’t have children. Creating a trust is beneficial for those who want to keep the details of an estate private after they die. It can also be helpful for those who are looking to avoid probate or otherwise looking to protect their assets.

At a minimum, an individual should create a will. A will allows the creator to dictate who receives an asset after he or she passes. Without such a document, the state will determine who gets an individual’s assets, and this may not be the person who was supposed to get it. Generally speaking, parents or siblings will receive assets if a person dies intestate. In addition, an estate plan makes it possible to give money or assets to charity or to care for a pet.

It can also help a person prepare for periods during which they may be incapacitated. Without a proper power of attorney for health care or financial issues, there may be no way to pay bills or provide treatment in accordance with a person’s wishes. In many cases, even spouses cannot make decisions on an estate owner’s behalf without the proper authorization to do so.

A last will and testament can be an important element of an estate plan. It allows a person to control where assets go as well as provide instructions related to the care of a minor child. When combined with a trust or other plan documents, it may enable an individual to have his or her wishes met while alive or after passing. An attorney can help create an estate plan that meets a person’s needs and adheres to state law.