Many people focus intently on saving for retirement and minimizing debt before they reach retirement age. However, while many may worry about funds to get them through retirement years, they may neglect to take care of the proper estate planning documents to protect what they have worked for. Nevada retirees may want to be sure they have proper estate planning documents squared away.
Having a will in place will help minimize the probate process and make it simpler for beneficiaries to follow through with last wishes. Tax implications on retirement accounts should also be considered when estate planning takes place. Having a comprehensive will and plan for estate taxes can help minimize any chances of litigation between heirs.
When spouses decide to begin estate planning together, there are documents they need to consider for their own separate protection. Having a power of attorney drafted will allow the other spouse or a trusted child to handle any financial decisions and matters if someone becomes incapacitated. A health care directive is also needed so health care decisions can be made in the event of incapacitation.
Covering the basics of estate planning can be a tool for ensuring all hard-earned retirement savings and assets are handled properly. Regardless of the health status of any Nevada retiree, protection is needed in the event of an unforeseen accident. Having a plan that provides for the now and also protects what may be left over after a loved one has passed is the best way to ensure wishes are upheld and decisions are made according to those wishes.
Source: nj.com, “Your Money: Estate planning not just money lingo for the rich, it could save your long-term financial plan“, Karin Price Mueller, May 4, 2014