If you are a legal adult in the state of Nevada, it is in your best interest to have an estate plan. In many cases, a will may be sufficient as the sole piece of this plan. However, depending on your circumstances, it may be necessary to add a trust, living will or other documents.
Why would you add a trust to your estate plan?
The primary benefit of a trust is the ability to hold assets outside of your estate. This means that they are can be shielded from creditors, the government or your spouse in the event of a divorce. After your death, assets held inside of a trust avoid probate, and the terms of the document are not made a matter of public record at any time.
Why would you want a living will or other estate planning documents?
A living will may be an ideal estate planning tool if you become incapacitated and need to express your wishes without having the ability to speak. A medical power of attorney may also be able to express your wishes in the event that you are unable to do so on your own. Appointing someone under a financial power of attorney may be helpful if you are unable to manage your affairs for any reason. The named agent may be able to sell property, pay your bills or otherwise ensure that your money is managed in a responsible manner.
Ideally, you will review your estate plan on a routine basis to ensure that it meets your needs. In addition, it is a good idea to communicate your estate planning goals to loved ones to ensure that your affairs are settled as quickly and easily as possible after your death.