This article is being written to conclude and recap our series on estate planning for Las Vegas residents. We felt it was necessary to address this topic since individuals are not always sure of the different types of estate planning documents and why they are needed. It is important to understand that an estate plan encompasses more than just a simple will. A thorough plan is crucial to ensure you are taken care of during incapacity and your loved ones can avoid legal challenges at your death. An experienced attorney can assist you with creating a plan for your specific situation. If you are in need of assistance, contact us today to speak with a Las Vegas attorney.
We have addressed multiple topics over our recent articles in this series. Issues which we have analyzed include:
- The importance of having an estate plan
- The requirements for a valid will under Nevada law
- Nevada’s requirements for a valid power of attorney
- The need for a living trust
- Understanding which assets pass outside of probate
- The need to retain an attorney to assist you
There are many reasons we have chosen to address these topics. First, it is important to address how an estate plan affects you and protects your loved ones. Second, every state has legal requirements and formalities that must be followed in order for your documents to be valid. Understanding these requirements is necessary to ensure your wishes are actually met. Third, one of the most important documents in your estate plan is a power of attorney. This document applies during your lifetime and authorizes the person you choose to make financial and healthcare decisions if you are incapacitated. As with the will, Nevada law will provide for certain rules to be complied with for your power of attorney to be enforceable. Fifth, an experienced estate planning attorney can explain the many benefits and advantages of executing a living trust. Trusts are legal entities that can allow your estate to avoid probate and provide for asset protection over your inheritance. Next, when deciding what type of a plan you want to accomplish your goals, it helps to understand which of your assets will go through probate. It is possible to simplify your estate by ensuring all of your assets are non-probate assets. Lastly, this area of the law is extremely complex. If you do not execute the proper documents, Nevada’s default laws will apply to you and may not be consistent with your goals. It is recommended you always meet with an attorney to discuss your specific needs.
One point we stressed in each of these articles is the need to hire a qualified attorney to prepare your estate plan. Estate planning involves considering your family dynamics, the types of assets you own, potential tax implications, and distribution of your legacy to your loved ones or charity. Experienced counsel will walk you through all aspects of your planning and help you prepare for the future. Our firm is available to assist you and we look forward to helping you create your legal documents. Contact our office online today or by telephone to speak with a Las Vegas attorney.