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Nevada estate planning should include periodic review

On Behalf of | Jul 5, 2013 | Heirs & Beneficiaries

Appointing the guardian for children is just one of the considerations of parents in Nevada. However, this can be completed in estate planning documents such as a will. If it is not done, the courts of our state will decide who will care for kids that have suffered the loss of their parents.

This reality, says one recent report, is just one of the possibilities for those in Nevada who do not complete estate planning documents. However, the good news is that there are common documents that can be used to ensure that an individual and their heirs are well cared for should the person creating the estate plan die unexpectedly. In addition, each of those may be customized to fit a person’s needs.

The estate planning documents most often used include not only a will, but also a durable power of attorney and healthcare directives. The latter of these are used should a person be unable to care for themselves. In such cases, similar to the appointment of a guardian of minor children, a person is selected who will care for the estate of a person who has become incapacitated.

Though it is difficult for some people in Nevada to consider estate planning, it is important. In fact, it is so necessary to be sure that your estate is well planned that the report asserts that an estate plan should be reviewed as often as every two years. This ensures that the people appointed as guardians or power of attorney holders are still the best choice. In addition, a review can alert an individual should some new assets not be included in an already completed estate plan.

Source: Fox Business, “Why You Need an Estate Plan,” Donna Fuscaldo, June 21, 2013