What objectives could your estate plan help you achieve?

On Behalf of | May 7, 2020 | Blog

The thought of simply forgoing estate planning may have crossed your mind more than once. After all, your children are grown and you do not have an extensive estate, so you would be fine without making plans in advance, right? For most people in Nevada and elsewhere, that is not the case.

Each person’s estate plan does not have to focus on the same things. In fact, most estate plans are vastly different because each individual has his or her own life details to consider. As a result, you should consider what your plan could help you achieve before you decide to pass estate planning by.

Estate planning objectives

Objectives and goals can help you determine the best way to approach various aspects of life, and that includes estate planning. Any of the following suggestions could be objectives your estate plan could help you meet:

  • Deciding who gets which of your assets after your passing
  • Deciding who should get those assets in the event that your beneficiaries cannot
  • Deciding who could make decisions on your behalf should you become incapacitated
  • Deciding what type of medical care you would want and leaving instructions for that care in the event you cannot express those wishes yourself

Of course, you may have individual objectives you want to consider that go beyond basic estate planning steps. Do you have pets that would need care in the event of your demise? Do you want to protect assets and control the distribution of those assets for a loved one with an addiction? Various estate planning tools could help you address those concerns and many others.

Using the right tools

Though many planning tools exist, you may not need to use each one. However, it is wise to consider creating a will, which can help you distribute your assets, and if you do want to have more control over asset distribution and how beneficiaries use certain assets, creating trusts could prove immensely useful.

The reasons for putting off estate planning may seem endless, but if you put off the process for too long, you could leave your loved ones in a difficult spot. Instead, you may wish to contact an experienced attorney who could help you determine your objectives and how to use the best tools for reaching the goals you have for your future and your family.