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No matter your wealth, estate planning is important

Some people in Nevada and elsewhere believe that they do not need an estate plan because they are not wealthy. However, the fact is that everyone can benefit from estate planning. Using wills and trusts can offer many benefits to the person planning and their beneficiaries.

The benefits are largely due to the fact that estate planning tools such as wills and trusts can offer a Nevada person peace of mind and insurances that their assets will be distributed according to their desires when they die. This can be true regardless of the size of the estate. Benefits can include keeping financial matters private and limiting taxes that heirs must pay after the death of the individual considering estate planning.

One of the commonly used tools in estate planning is the Revocable Living Trust (RLT). Using this instrument, a person can put all of their assets in the RLT while they are alive. After death, the trustee can distribute the assets according to the directions in the trust documents. This estate planning tool can benefit those set to inherit from the trust by limiting the taxes due after inheritance and avoiding probate court in many instances.

There are many tools available for those who are actively engaged in estate planning. These include the RLT, but also documents such as a durable power of attorney. This is often included in estate plans. The durable power of attorney can appoint a person to handle financial matters while a person is still alive. It can be important when a person is no longer able to care for themselves or their finances.

Source: DentistryIQ, "Estate Planning Is Not Just for the Rich and the Famous," May 8, 2012

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