There’s an old adage that goes with aging: “Older is wiser.” This means that older people are more apt to make good decisions because of their experience. Moreover, older people are best suited to impart advice because of the roads they have travelled.
In first post of the New Year, we highlighted why estate planning should be an important resolution. Essentially, estate planning can save money in the long run, help avoid confusion between grieving family members and give the person effectuating the plan some peace of mind.
The end of the holiday season is drawing near. With that comes the first days of 2016 and the standard New Year’s resolutions that people make to begin the year strong. Some pledge to lose weight, others promise to stay in contact with loved ones. Other people may diligently plan for a career change.
Estate planning can have its challenges regardless of how old you are. There are different things to consider at different stages of life. But regardless of the questions you may have about how to structure a will, how to protect your assets or what you should leave as inheritances, it is important to have an experienced estate planning attorney on your side.
Whenever it comes time to think about the fate of funds, assets and how to take care of one's family, it can be difficult to know where to begin or how to approach a unique situation. The fate of a few celebrity estate plans in recent years has shown people in Nevada what they should avoid doing as much as what they may want to do when it comes to creating their own estate plans. While estate planning is unique to each person, some mistakes can affect anyone if they do not take steps to avoid them.
Estate planning should not be a one size fits all kind of journey. Whenever a Nevada family or individual ventures into the estate planning process, there are a few areas of concern that can be costly if not handled properly. It is important for individuals and families to understand new areas of concern and how to avoid common mistakes when dealing with those areas.
The estate planning process typically entails deciding to whom to leave assets and funds. But, for some Nevada couples and individuals, that may not be so easy. For those without children or who wish to leave assets or funds to others aside from family, the estate planning process can be more complicated and require more investigation.
The estate planning process is highly personal and can be difficult for many people to think about. Some people in Nevada and elsewhere may also wrongfully assume that estate planning is only for those who have millions to leave behind. However, everyone needs to take steps for estate planning, and everyone may be able to learn a lesson or two based on the mistakes some people worth millions have made when it comes to leaving assets behind.
The estate planning process can be a highly personal journey and require a great deal of thought about the future. There is much more that needs to be decided aside from who gets the house and other assets. For Nevada residents who have adult children with special needs or who are unable to care for themselves, there may be the need for special considerations and forethought when estate planning.
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.