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Estate planning documents Nevada families should discuss

| Apr 22, 2014 | Heirs & Beneficiaries

When people think about protecting their assets or estate planning in general, they may simply think about a will. They may also not discuss the details of their estate planning with their loved ones or trusted confidants. However, it is important that Nevada residents not only plan for the future of their loved ones and estate, but also that they share the details with those who will be impacted the most.

There are essential documents every person should have as part of their estate planning journey. A will is the best way to make sure the courts don’t have control over what becomes of one’s possessions. The two most important people in a will are typically the executor and a guardian for any minor children.

Two other important documents that everyone should have on hand include a medical power of attorney and a living will. The medical power of attorney gives someone authority to make medical decisions, and a living will details a person’s specific wishes. For the power of attorney, it is recommended that a person who is calm and clear-headed during a crisis or emotional time is designated.

When a person shares his or her wishes and what they have handled as far as estate planning is concerned, the family impacted can have some peace of mind knowing that plans are in place. When those documents are needed or decisions need to be made, not knowing who was picked as the decision-maker or guardian of children can add more duress and make the entire process more complicated. While these documents are a great start, some Nevada families may need more and should find out what options they have for their particular needs.

Source: The Wall Street Journal, “Four Estate Planning Documents Everyone Should Have”, Tom Lauricella, April 20, 2014

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