If you want to ensure your assets are distributed in the way you wish, it’s important to have a plan in place. It can help you avoid complications, unnecessary drama and hefty probate fees.
The experienced Las Vegas estate planning attorneys at Mills & Anderson Law Group can answer your questions and help you develop a custom-tailored plan for your unique needs.
Legal Documents
Legal documents are the foundation of your estate plan. They help you state who receives your belongings after your death, who should care for your minor children, how you want to manage your assets if you become incapacitated or unable to communicate, and how you wish to be disposed of your final remains.
A well-prepared and comprehensive estate plan helps your loved ones avoid a lengthy and expensive probate process. It also gives them a clear picture of your wishes, which will help them respect your wishes and honor your values.
Among the most common estate planning tools are wills and trusts, which allow you to specify how your property is distributed upon your death. Alternatively, you may choose to establish asset protection trusts that protect assets from creditors and tax liabilities.
Wills
A will is a legal document that sets out how you wish your assets to be distributed upon death. It also includes information about whom you want to oversee your affairs and ensure your wishes are carried out.
A goodwill is crucial in Las Vegas Estate Planning law because it can spare your loved ones a lot of trouble and expense after your death. Wills can also prevent a situation known as “intestacy,” where if you do not have a will, your property will be passed down according to state laws.
The best way to determine what type of will is right for you is to consult with an experienced estate planning attorney. He or she can help you understand your specific needs and devise a plan that will protect your interests and meet your goals.
Trusts
Trusts are an important part of a comprehensive estate plan, as they allow you to make certain that your wishes are followed when it comes to medical care and financial decisions in the event you become incapacitated or pass away.
A trust may also help protect assets from lawsuits or creditors. It is also a great way to avoid the probate process and reduce federal estate taxes.
A Las Vegas estate planning attorney can help you choose the best type of trust for your needs. Revocable living trusts and irrevocable trusts are some of the most common types of trusts, but there are many more options for those with unique situations.
Durable Power of Attorney
A durable power of attorney is an important document that you should have in your estate plan. This is because it provides a way to name someone you trust to make legal and financial decisions on your behalf if you become incapacitated.
This is especially helpful if you are a middle-aged or older person, have a young child with special needs, or if you are traveling abroad for an extended period of time. Without a durable power of attorney, your loved ones may have to go through a lengthy guardianship process or court proceedings in order to make decisions on your behalf.
The first step in creating a power of attorney is to choose a reliable adult to be your agent. This should be your spouse, adult child, other family member, or a friend that you trust to be a responsible adult and to carry out your wishes.
Health Care Directives
While it is often the last thing on your mind when you are preparing your estate plan, health care directives play an important role. They can help you make sure that your wishes are upheld by a person whom you choose to speak on your behalf should you become incapacitated and no longer have the ability to communicate.
These documents are very important because they allow you to express your wishes for medical treatment, resuscitation efforts and life-sustaining measures in the event that you become unable to make such decisions on your own. They also allow your family members to know exactly what you want in these circumstances, which can alleviate stress on your loved ones and their families in the case of a death or serious injury.
