Advantages and Disadvantages of Estate Planning

Advantages and Disadvantages of Estate Planning

Posted on November 6, 2025 in estate planning

Many life events make you stop and consider how your family should be provided for after your passing. We all assume these matters can be handled later, but having a well-crafted estate plan is crucial for making your wishes known. As you start the process of creating an estate plan, it’s important to know the advantages and disadvantages of estate planning.

Hire an Estate Planning Lawyer

Estate planning encompasses many different documents, from a basic will or trust to advanced medical directives and powers of attorney. Estate planning laws specify how these documents must be completed and filed to be legally binding. For over 30 years, the Law Offices of Ken R. Ashworth & Associates have helped Nevada residents create legally binding estate planning documents.

Families in Nevada

Nevada is a great place to live for many families. Some key estate planning laws also make Nevada an excellent place to distribute your estate once you have passed. With the help of a skilled Las Vegas estate planning lawyer, you can take advantage of:

• No state estate tax
• Community property protections
• A streamlined probate process
• The directed trust statute

Nevada is home to a diverse group of people. With 3,194,176 residents, as of 2023, there are estate planning tools that could benefit every demographic. Key demographics include:

• 61% age 18 to 64
• 17% 65 and over
• 55% married couple households
• 27% single adult households
• 14% of men are divorced or widowers
• 22% of women are divorced or widowed

Estate Planning Overview

Estate planning gives you the power to make financial, medical, and guardianship decisions in advance so your wishes are known and can be followed should you become incapacitated or pass away.

Having your wishes clearly stated allows your family to know what you want and eliminates unnecessary anxiety during an otherwise stressful time. Estate planning comprises several types of documents. The most commonly used documents include:

• Wills
• Powers of attorney
• Advanced directives
• Trusts
• Beneficiary designations
• Memorandums

Advantages of Estate Planning

Estate planning offers various tools that allow you to direct how your wishes should be upheld during difficult life circumstances or after you have passed. Without these directives in place, your estate is subject to probate laws and may not be distributed as you intended.

An experienced estate planning attorney can listen to your goals and interests and help you create estate planning documents that reflect your values. Advantages of estate planning include:

• Naming a guardian for your minor children
• Designating beneficiaries for your assets and accounts that align with your wishes
• Naming an executor for your will to avoid the courts appointing one for you
• Protecting assets from creditors
• Managing tax issues that could burden your heirs after your passing
• Providing for children from a previous marriage
• Making arrangements for your funeral to ensure your values and desires are met
• Naming charities or other organizations you wish to donate to after you’ve passed

Disadvantages of Estate Planning

Estate planning documents are legally complex and subject to applicable state and federal estate planning laws. Even minor errors on a document could invalidate that document and leave your beneficiaries to handle potential repercussions.

A skilled estate planning attorney can minimize these risks, but there are still disadvantages to estate planning. For instance:

• Unanticipated tax implications can leave your beneficiaries with high tax obligations or force them to sell assets to cover the expenses.
• Increased strain within a family can result when one person believes they are entitled to certain assets or a larger share of the inheritance. Emotions can run high, especially in blended families or families with a nontraditional structure. However, having legally enforceable documents in place can eliminate some of these conflicts.
• The financial burden of creating your estate planning documents and properly notarizing and filing them can leave you feeling like it’s not worth the added expense. Some of these expenses are unavoidable, but many estate planning attorneys can work within your budget.
• Reduced control over the assets named in your estate planning documents. Depending on which estate planning tools you have used, you could face inflexibility in how you can use those assets in the future.

FAQs

Q: At What Net Worth Should You Do Estate Planning?

A: Estate planning offers benefits to everyone regardless of their net worth. Once you are legally an adult, having an estate plan allows you to decide how your assets are to be distributed when you pass.

As your circumstances change, you can update your estate plan to reflect those changes. If you have minor children, you should have a plan in place that appoints a legal guardian regardless of your net worth.

Q: What Happens to Your Estate if You Didn’t Make Plans?

A: If you fail to make plans for your estate and you pass away, Nevada’s state laws will determine what happens next. The court will appoint a representative to manage the estate, and they may not distribute assets the way you would have wished them to. Your assets will go through probate, which can be a very lengthy process and may incur more legal fees. This can be stressful on family members and create conflicts over who receives your assets.

Q: Why Do People Avoid Estate Planning?

A: There are several reasons why some people avoid estate planning. For many, the thought of death is so unpleasant that they avoid anything related to it. Procrastination is also a common factor.

Thinking it would be easier to just let your heirs sort out everything after you have passed could seem like the easiest solution, but it can create problems for your heirs and diminish what you leave behind.

Contact Ken R. Ashworth & Associates

When you hire an estate planning lawyer, they can ensure your documents are legally binding to prevent unnecessary delays or disputes after your passing. Having a solid estate plan prevents additional stress during a time when your family should be allowed to grieve. Contact Ken R. Ashworth & Associates to schedule your initial consultation.