Most people assume you need an estate plan only if you are married, have children or are elderly. If you’re young, single and just starting your career, an estate plan may feel unnecessary.
The truth is that everyone can benefit from an estate plan. Even a basic plan can be one of the smartest legal decisions you can make.
Estate planning isn’t just about death
If you pass away without a will, Nevada’s intestacy laws will decide who inherits your property. If you don’t have a spouse or children, your assets typically pass to your parents, then to your siblings and then to more distant relatives. This may align with your wishes, or it may not. The cousin you try to avoid at family reunions could be the one who inherits your property.
For many young adults, intestacy laws may not matter, but there are other issues an estate plan can address. It’s less about asset distribution and more about incapacity planning. Your estate plan should include the following:
Durable power of attorney (POA): This allows someone else to handle your financial matters if you’re ill, injured or otherwise temporarily unable to act. Without a POA, your family may need to go to court to get authorization. This can be an expensive and time-consuming process. In the meantime, your bills (rent, utilities or car loan) aren’t being paid.
Health care agent and living will: These documents state who you want to make medical decisions for you and outline your wishes regarding life-sustaining treatment. Without these documents, Nevada courts could let your next of kin decide, but their actions may not align with your preferences.
Health Insurance Portability and Accountability Act (HIPAA) authorization: This allows health care professionals to share information with people you designate. In an emergency, a hospital may keep your close family members updated if they believe it’s in your best interests. Without a release, the hospital is within its legal right to withhold information.
You don’t need a complex strategy to get started on your estate plan. However, you do need to ensure that it complies with the law. An experienced legal professional can help you create an estate plan that protects your independence and spares your loved ones unnecessary complications.
