Many Nevada residents believe estate planning is only for the elderly or the wealthy. Both of those beliefs are incorrect. No matter what your stage of life, it is beneficial to begin the estate planning process today.
Perhaps the most important aspect of estate planning involves determining guardianship for any minor children. Most parents determine emergency guardianship of their children shortly after they have their kids. As is the case with other parts of an estate plan, this is something that you can review periodically.
Inventory your assets
One of the most fulfilling aspects of an estate plan is knowing that your loved ones will receive the things that you worked for throughout your life. This level of financial security for your heirs is a wonderful gift. Spend some time taking an inventory of your assets so you know how much you’re leaving to those you love.
Write a will
A will involves more than determining which of your heirs receives which asset. A will includes determining who will have power of attorney over your finances and your medical decisions. Your will also includes any wishes that you have for your medical care if you’re incapacitated.
Choose an executor
An executor is responsible for carrying out the wishes in your estate plan. Most people choose a close friend or trusted family member to serve in this role. Your executor is responsible for filing your estate plan with local probate courts, distributing assets and more after your passing.
Estate planning involves asking yourself some tough questions and accepting your mortality. However, there is never a wrong time in life to begin the estate planning process.