You might be one of many people in Nevada who do their best to avoid conversations having to do with their own mortality. It’s a fact that every person on earth is going to die someday, but it’s also true that many people don’t like to think or talk about it. Because it’s often an undesired topic of discussion, a lot of people procrastinate when it comes to estate planning.
Maybe you think that you don’t need an estate plan because you don’t have a substantial amount of assets. Perhaps, you’re among those who think they’re too young to be worried about such things. These issues are some of the most common reasons Nevada residents and others may hesitate to execute solid estate plans.
The following list contains more factors common among adults who do not have estate plans in place:
- Incomes $80,000 per year or less: If you earn less than $80,000 per year, you might think it’s unnecessary to devise an estate plan. However, just because you may have a less complex estate than someone else doesn’t mean there is no benefit in taking time to create an estate plan, which can include an advance directive and other documents that do not pertain to assets.
- Lack of knowledge: Maybe you’ve considered filing an estate plan but hesitate because you have little to no knowledge about the process. This is why it pays to talk to someone who is well-versed in estate planning and administration issues to help walk you through it.
- Young age: As mentioned earlier, you might think you’re too young to need an estate plan. The fact is there is no specific age that makes executing a plan more or less beneficial.
- Older age: If you are already in your elder years but have never signed estate planning documents, you have something in common with many of your peers. In fact, there was approximately a 20% decrease in the number of older people who filed estate plans in 2019.
- Fear of cost: Some people hesitate to devise estate plans because they have heard that it’s expensive to do so. There are numerous ways to keep legal costs to a minimum, which, again, is why it’s always a good idea to seek information from someone who is experienced in this area of law before determining whether or not you wish to execute a plan of your own.
Many people who have already created estate plans say that one of the greatest benefits is the peace of mind it brings. Knowing that you have protected your assets, made your wishes known, and taken action to try to help your loved ones avoid high taxes and other stressful issues when you die can be a comforting experience. If you decide to execute a plan, it’s good to remember that it’s equally important to periodically review the plan to keep it updated.