Creating estate plans is not exclusive to those nearing their twilight years. In Nevada, adults aged at least 18 can engage in estate planning to better manage their lives and assets.
They can detail their wishes and choices in an estate plan to ensure protection and support for their loved ones. For example, a parent can appoint a guardian for their kids if they die or become incapacitated.
Choosing beneficiaries
A last will and testament may be your primary estate plan document. Through it, you could name your beneficiaries and the assets that they will receive upon your death.
On the other hand, you may create a living trust if you wish to manage your assets while you are alive. This would allow you to choose the manner and schedule of distributing assets to your trust beneficiaries.
Protecting your assets
It is also important to secure additional safeguards for your hard-earned assets. Creating asset protection trusts for your beneficiaries would be helpful in the event of lawsuits, such as bankruptcy and divorce. Whatever the courts decide, you may ensure that your beneficiaries can enjoy the assets you assigned to them.
Setting medical decisions
In addition, advance directives are crucial when you become incapacitated due to a serious accident or debilitating disease. You may declare your medical choices via a living will.
Another option is the durable power of attorney for health care. This allows you to choose a proxy or agent to make health care decisions on your behalf. You may appoint a family member or a close friend to have a say in your future medical treatments.
Navigating life’s uncertainties
Anyone can experience accidents, illnesses and death at any given time. Because life is unpredictable, adults may prepare for the unknown by making an estate plan as early as possible.