It is impossible to predict the future. However, leaving questions about settling your estate until it is too late could make things even harder for the loved ones you leave behind. For this reason, it is important to answer key questions now and use them to create an estate plan in Nevada today.
What does an estate plan look like?
Simply put, an estate plan is a group of documents that lay out how you want your assets, money, and other property to be distributed after you die. This makes it easier for your loved ones to handle your affairs as they mourn your loss.
An estate plan can be used to identify who you want to make decisions for you if you become incapacitated and who will take care of your children if you cannot do it. It can also minimize estate taxes. Everyone should investigate estate creating an estate plan. A young single person may need a simple will that states who gets their property. Parents may want to name a guardian for their children. Individuals with substantial wealth can use their estate plan to determine how their assets are managed and distributed.
What are some essential building blocks of an estate plan?
Estate planning should include a will, power of attorney, advance directives, and assisted beneficiary designations. For most people, an estate plan will include life insurance. Individuals with substantial wealth will include estate tax planning and trusts.
Determine where your assets will go when you’re gone
With an estate plan, you can determine what happens to assets you hold with another person, like a spouse or partner. The money in certain accounts can be designated to beneficiaries, allowing those funds to go directly to that individual. Assets tenants hold in common will typically need to go through a probate process. This will happen with or without a will.
Estate planning should not be put off. Now is the time to take the first steps to ensure that when you’re gone, your loved ones do not need to focus on managing your assets but instead can take that time to grieve and support one another.