No one likes thinking about dying, but it is a part of life. If a person, especially a parent, fails to prepare a will, they can put their loved ones in a bind. Here are a few things that Nevada residents should keep in mind as they go about estate planning and prepare their wills.
Preparing a will is not something that a person will want to put off. If a person dies and they do not have a will, the state is likely to become involved and then go about dividing up all the person’s assets. The last thing a person wants to do is put off decisions regarding their assets, belongings and children.
It is important to look at all potential scenarios and contingencies that could possibly arise after a person is gone. Thinking ahead and planning how and when assets will be distributed will ensure that beneficiaries are able to handle the assets in a responsible way.
One of the most essential steps when creating a will is for a person to name guardians for their children. This is another area where the state will step in if a person fails to include it in their will. It could even mean that children are in temporary foster care.
Another essential part of a will is indicating who a person has named as their power of attorney and health care agent. This allows a specific individual to step in when a person is not able to make decisions for themselves. Some individuals turn to an attorney as they go through the process of writing a will. An attorney may be able to provide legal advice regarding will planning, inheritance issues, will abatement, testamentary trust and the distribution of property.