Many people put off estate planning under the disillusion that they are either too young or they do not have a valuable estate worth the time and money it takes to venture into the estate-planning process. However, everyone in Nevada should understand the purpose and importance of estate planning. Regardless of age or size of estate, there are certain documents everyone should consider having drafted.
One vital document is a power of attorney. Anyone can become incapacitated, either from illness or an accident. A power of attorney will name a trusted person to handle personal financial matters, such as making sure bills get paid while you are in the hospital. Another power of attorney for health care should also be created. This will ensure that the medical treatment wanted is done and that any treatment you don’t want done isn’t.
A will is vital for anyone who is an adult. If there are any minor children to think about, a will is needed to ensure that they are cared for as a parent sees fit, particularly if there is no other parent around to take over. Without a will, the state may decide who raises minor children.
While estate planning may not be at the top of a person’s to-do list, it is a serious matter for which all Nevada adults may want to make time. Each person’s situation is different. Despite any differences in wealth or circumstances, an estate plan will make sure that wishes are upheld and property is handled as a person wants.
Source: ajc.com, “3 estate planning documents every adult needs”, Nedra Rhone, July 15, 2014