It is not always easy to think about the future. After all, you probably don’t want to think about what will happen if you pass away. You may even think this is not necessary if you are young and healthy or if you do not have a significant amount of income or valuable assets. In reality, estate planning is beneficial and prudent at every stage of life.
No matter your age or income status, you may want to consider why an estate plan is in your best interests. Without one, you may not get the final say over what will happen to your stuff when you pass or establish your desired wishes for health care in case of future incapacitation. It is in your interests to take control over these matters by drafting specific types of documents.
Every adult age 18 and older can benefit from an estate plan. Even college students need documents that outline their preferences in case of a medical emergency. Life is unpredictable, and having these things in place can protect family members from having to make difficult decisions. Young adults need a health care directive, power of attorney and a living will to address their medical care in the event of a serious illness of accident.
When a young adult marries or after the birth of a child, an estate plan should change, too. Drafting a will can be important as it outlines how to distribute assets in case of your death. It also allows you to outline the care of a minor child. Adjustments to advanced directives and beneficiaries may be appropriate as you age, children are born and your income increases.
Trusts and other estate planning tools offer individuals the opportunity to accomplish specific goals with their wealth. If your income increases or you wish to protect certain assets, you should consider changes to your estate plan. In fact, adjustments are necessary after any type of life change, including a divorce, remarriage, birth of grandchildren and other events.
Every situation is different, which is why you will want to speak with an experienced Nevada attorney about your estate planning objectives and concerns. An assessment of your case can help you understand what you need in order to have full protection and peace of mind regarding your financial future and the well-being of your heirs.