The changing of the structures of families has made estate planning more important than ever for readers in Nevada and across the nation, one recent report notes. The author asserts that American society has been evolving away from the past ideal of the once-traditional nuclear families and that, by using customized estate planning tools, an individual can ensure that all of their relatives are addressed when it comes to asset distribution after death. In addition, it may be necessary to make considerations for end of life care and the needs for specialized documents such as powers of attorney.
Traditionally, as many people in Nevada know, families in our nation were once considered to be a mother, a father and a few children. Now, that type of family only accounts for about 20 percent of all households across the nation. The rest are either single people, second (or even third) marriages and blended households.
The need for estate planning can be especially important for those in what are often perceived as less traditional family situations. This is because there are additional people involved that need to be addressed in estate planning documents. For example, unmarried individuals may need to be sure that all of their assets are assigned to specific beneficiaries or that durable powers of attorney for healthcare are created in order to make sure the individuals they wish have the power to make decisions if they become incapacitated.
Estate planning is important for every person in our state. However, for those who have unique circumstances, it can be especially beneficial; both while an individual is still alive and after their death. To ensure that all documents are completed as a person wishes, it may be necessary for an individual to complete a review of all available tools as they seek to make an estate plan for their future.
Source: huffingtonpost.com, “The Disappearing Nuclear Family And The Shift To Non-Traditional Households Has Serious Financial Implications For Growing Numbers Of Americans,” Debra Caruso and Sandra Timmerman, Jan. 25, 2013