It is never too early for those of us in Nevada to begin the estate planning process. This is especially true of those who have children and need to plan for their future should one or both parents die unexpectedly. In fact, though many people believe that they don’t need estate planning because they are young or financially challenged, every individual can benefit from having an estate plan.
If a person in Nevada dies without a will, the state’s intestacy laws will apply to the estate. When this happens, it is not the wishes of the individual that are followed, but the laws of the state that apply. The result may be that the assets that a person wishes to go to a friend or family member may go to another individual.
Some authorities note that estate planning with basic tools such as a will may be a good place to start for many people. This document can be created to detail the wishes for asset distribution of an individual. In addition, guardians for minor children can be appointed in this type of document.
If a person in Nevada wishes to increase their estate planning efforts, they may consider creating a durable power of attorney or a healthcare directive. These documents are intended to detail the wishes of an individual for the management of their estate should they become unable to manage themselves. Like other estate planning documents, these can offer a sense of security to an individual who knows that they have planned for the future for themselves and any beneficiaries.
Source: US News and World Report, “Important Things to Consider When Preparing Your Will,” Daniel Bortz, Sept. 26, 2012