Cassady Law Offices, P.C. - Las Vegas Estate Planning Attorney
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October 2020 Archives

Estate planning: Identifying all assets and any potential risks

While many individuals in Nevada and elsewhere may understand the appeal or benefits of planning for life ahead, some might not always know what to include in their strategies. In addition to identifying assets prior to initiating the estate planning process, it could also be vital to assess any potential risks and address each in turn. Estate planning may offer a variety of options to help protect a person's estate and prevent an unexpected scenario from resulting in an unfavorable outcome.

Possible responsibilities for financial powers of attorney

While managing the financial affairs of someone who is no longer capable of making the necessary decisions can be a stressful task, it might be less intimidating with proper planning. Individuals who prepare for the unexpected outcomes of life with estate planning options such as powers of attorney may alleviate a variety of potential future concerns. However, individuals in Nevada who are chosen to act as financial powers of attorney might not always be certain of what responsibilities may come with the territory.

Estate planning could help limit unexpected outcomes

While navigating through life, many individuals in Nevada and across the nation may come to the realization that things might not always go as planned. While creating a strategy for the future, part of protecting one's wishes may rest in addressing every possible outcome. This may be no different with estate planning, and taking the time to be thorough with one's goals could help stave off unexpected results.

Weighing the possible benefits of a spendthrift trust

There are a variety of available tools in estate planning, each of which may offer its own set of possible benefits. Individuals in Nevada who are in search of an option that can help them continue to provide for their kids without allowing them to inherit all of their wealth all at once could choose to implement a trust. A spendthrift trust is an example of an option that could help parents achieve such a goal.

Is probate necessary for your loved one's estate?

When someone dies, many people think that the individual's estate must go through the probate process. However, that is not always the case. Ways exist for individuals to create their estate plans in a way that could allow them to avoid probate, but many people do not take advantage of those options.

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