It is never easy to imagine what will happen to property and assets after a person is gone, but estate planning is a vital step for many Nevada residents. Some people who delay this process could find that it may be too late because of a sudden accident or debilitating illness. Estate planning can be complicated, but with the right information and assistance, it is beneficial to family.
One of the aspects of estate planning that can be easily overlooked is the important part of leaving behind a health care directive. There is no way to know when an accident will happen. It can be legally difficult to make treatment decisions on behalf of a family member if they do not have a directive. A living will is a way to list health care preferences and state who will be in charge of an estate if a person is physically unable to make these decisions.
It is of vital importance to have all financial and personal information listed in a clearly worded and legally binding health care directive or living will. It is estimated that only 35 percent of Americans have a will, which leaves family members in difficult circumstances when one of these people unexpectedly passes or becomes incapacitated. Many Nevada residents may consider it a frightening process to think about a will or begin the estate panning process, but it is an important step for everyone.
When beginning the estate planning process, it is best to understand what should be included in a will. Additionally, it should be legally binding and located where family members can find it. These steps can make everything easier for the family and beneficiaries in the future.
Source: The Washington Post, Put your estate plan on paper before it’s too late, Michelle Singletary, March 20, 2014