Your will may act as the staple of your estate plan. This document can provide instruction for various parts of your estate, most commonly the distribution of your assets. However, before your will and estate can go through the probate process, your executor must carry out certain duties. Therefore, you may want to ensure that the party you appoint to the position of executor has the capabilities and willingness to take on the position.
Choosing an executor plays significant estate planning role
Taking care of your loved ones is not a DIY project
Everyone loves a good do-it-yourself project, but there are some things in life that are too important to do on your own. One of these things is estate planning. Despite the advertisements for kits and websites that claim to help you build your own will and create an estate plan quickly and cheaply, there is nothing that can replace the guidance of a knowledgeable legal ally.
Let your estate plan evolve along with your life
If you have a will, you might have gone the whole nine yards and established estate plans that give you complete control of what will happen to your assets upon your death. However, your estate plan -- even if drafted with the guidance of a skilled estate planning attorney -- will be of little use if it did not keep up with the financial and personal changes that occurred over the years.
Is an estate plan really that necessary?
Naturally, people prefer not to talk about death. This is one of the reasons many people have not developed estate plans. Unfortunately, not having an estate plan can have negative consequences for your family's long-term future in Nevada.
Your plan or the state's: That is the question
You may be one of many people in Nevada who have never executed an estate plan. However, did you know this does not mean you don't have one? In fact, whether you have personally designed your own plan or not, there are default estate rules that activate at the time of your death. This means a plan will be carried out; it is just a matter of whether it will be the one you chose or the one the state has determined appropriate.
Establishing guardianship for future contingencies
It is impossible to predict the future within any degree of certainty, but it is possible to plan for contingencies. Any person might experience a serious illness or suffer an injury in a future accident, and a guardianship is a practical and prudent way to protect your interests and wishes in these circumstances.
Benefits Of Estate Planning For Same-Sex Couples
Marriage is generally considered a key to creating wealth. However, for same-sex couples, having the ability to marry has not yet translated into wealth generation.
The importance of hiring an attorney to help plan your estate
Many people in Nevada are under the false impression that do-it-yourself estate planning kits cost less than working with an attorney. Not only can the prices of these kits be more expensive or comparable to an attorney's fees, creating estate planning documents on self-help websites can end up costing your beneficiaries more down the line.
The importance of a special needs trust
Nevada residents may wish to know about a specific issue that many parents face when leaving assets to their children. When the parent has a disabled child, care needs to be taken in estate planning to avoid unforeseen consequences.
Revocable living trusts in Nevada
In Nevada, a revocable living trust is sometimes used as an estate planning alternative, particularly for probate issues that can't be solved with a will. Before deciding on using a revocable living trust, an individual should take certain factors into account.
