Many Nevada residents may be lucky enough to never experience an incapacitating illness or injury. However, as a person ages, the likelihood of such an experience could increase. Therefore, many residents may wish to be prepared and draw up important documents relating to estate planning that could help those left behind make important end-of-life decisions.
The first decision that must be made for planning is to have the necessary discussions with loved ones. This may mean that a spouse needs to broach the topic with their spouse or children with their parents or parents with their children. Either way, taking that step can sometimes be the most difficult one. Once the topic is brought up, more specific decisions can be made regarding inheritance, powers of attorney and medical care.
Some estate planning situations may be more difficult than others, but it depends on the specific situation. If a person was married multiple times and had children from different marriage, those circumstances could play a role in how certain aspects are designated in a will. If significant amounts of money or assets will be involved in the inheritance and distribution, additional advisement may also be wanted.
The steps that a party needs to take when estate planning can vary, depending on how extensive they which their plans to be as well as the previously mentioned aspects. Therefore, having information that caters to a Nevada resident’s unique situation could be helpful. By learning more about estate planning, residents may feel more comfortable moving through the process.
Source: CBS Boston, “All About Estate Planning“, Dee Lee, June 13, 2014