People in Nevada sometimes forget that, even if they are young, it is important to begin the estate planning process. This is especially true for parents of young children. By using available estate planning tools, parents can ensure that their kids will be cared for should the unthinkable happen and they are left without them.
Parents of young children in Nevada can use estate planning tools to appoint a guardian for their kids should they become unable to care for them. In addition, some may find it helpful to create a trust for the care and maintenance of their children in the event of the death of their parents. Such a trust can be governed by an appointed individual called a Trustee. This person is not always the same as the one that is appointed Guardian of minor children.
Estate planning tools can also direct where and with whom children will live if their parents die. Assets can be set aside for college and other future expenses. Also, by using tools such as a healthcare directive, parents can ensure that their older kids will not be asked to make difficult end of life decisions.
Regardless of whether a person is a parent of children or not, it is important for them to consider creating an estate plan. However, for those with kids, the process could be even more important. To ensure that kids are cared for, a parent may wish to review all available estate planning tools to ensure that they have prepared for an unfortunate event should it occur.
Source: wbur.org, “From Grief Comes A Mission To Make Estate Planning Less Daunting,” March 12, 2013