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Estate planning entails more than just a will

On Behalf of | Apr 11, 2014 | Heirs & Beneficiaries

Many people think of drafting a will when they think of estate planning. They may also think about a certain age group. However, estate planning entails more than just a will, and Nevada residents should think about starting the process as soon as possible, regardless of their age.

One vital document is a living will. It is designed to let family and medical professionals know specific wishes for medical care in the event of incapacitation. Another vital document that should be a part of estate planning is a power of attorney. This entrusts another individual to deal with any financial matters in the event of incapacitation also. Both of these may be needed in the event of an accident unrelated to age.

Before going about a detailed and comprehensive estate plan, there are certain steps to think about. One thing to do is to get an accurate idea of worth and value of assets. Having a plan in mind for those assets can help the estate planning process along. Tax issues may also play a role in estate planning, as there are liabilities of which to be aware.

The estate planning process is fluid. This means that, once a plan is in place, Nevada residents may find that they need to adjust or amend the plan as life circumstances change. While a comprehensive will is necessary for the protection of assets and beneficiaries, researching the other important documents that may be needed is essential. Keeping current and ensuring all bases are covered can be the best way to protect assets and ensure there are minimal conflicts or complications once those documents need to be used.

Source: iberkshires.com, “Five Steps to Help Create an Estate Plan“, , March 31, 2014