No one likes to think about death or family disputes. Many younger people may not even think estate planning applies to them in any way because of their health and age. There are also quite a few older Nevada residents who keep putting off estate planning or try to do it themselves.
For those who think they are too young, if there are children in the family, estate planning is a must. Even if there are trusted and loved relatives willing to step in and naturally want to care for any minor children, if parents do not have actual documents in place, the state essentially decides who will raise the children regardless of the relationships with other relatives. Clearly and legally outlining who will raise children is simply a must.
When older parents take on the duties of estate planning, it is recommended that they approach their children and let them know the basics of the plans. Letting children know the location and existence of important documents is essential. This should include a will, power of attorney and health care directives. Knowing these documents are taken care of can take a weight off the minds of adult children if there were to be an emergency requiring the use of these documents.
There are countless stories of estate planning gone wrong, namely the wrong people having access to items and assets someone clearly would not want them to have. The wrong way to plan is not to plan correctly or without the necessary legal resources. Anyone thinking about estate planning in Nevada may want to have a comprehensive idea of what they need and want done, along with a working knowledge of the legalities regarding how estate plans in Nevada need to be drafted.
Source: calaverasenterprise.com, “Get motivated for estate planning”, Bonnie Kuhn, May 23, 2014