How Do I Set Up an Estate Plan in Nevada?
Posted on April 25, 2022 in asset protection,estate planning,trust
One of the many mysterious and important parts of life is its unpredictability, especially when it comes to preparing for the unexpected. Ensuring that your protected assets and estate are properly accounted for and passed to your next of kin is the most effective tool to brace for any life-altering event. To make sure you’re prepared for every situation, starting with an estate plan is crucial for your future planning.
What Is an Estate?
According to Nevada state law, an “estate” is an accumulation of property or assets amassed during your lifetime. In the event of your passing, it will be distributed according to the terms outlined in your will. Any personal property, ranging from heirlooms to clothing, purchased land, automotive vehicles, money, etc., will be considered a part of your estate. By defining your property and creating a comprehensive list of assets owned and managed by you during your lifetime, you can be sure that your family holds on to essential heirlooms and family assets that are important to them.
What Is an Estate Plan?
Similar to outlining your estate, creating a comprehensive estate plan ensures your assets are dispersed among your next of kin according to your wishes. One of the biggest parts of an estate plan is drafting a comprehensive dispersion system of your assets, as well as a beneficiary that will receive any property awarded by your estate plan. Part of an estate plan includes the creation of a will or living trust that outlines the ways in which your estate is to be divided, along with the names of those receiving pieces of your estate.
How to Create an Estate Plan
The first step in creating an estate plan is finding an estate planning lawyer that can accurately manage and handle your case. Getting legal counsel for any formal document creation or process like estate planning can ensure that any formal legal stipulations are accounted for and worked into your plan. Also, finding legal counsel to aid in the creation of your estate plan ensures that any questions regarding the legality of your plan can be answered, making the probate process easier for your beneficiaries. The most important steps in the estate planning process include:
- Establishing a healthcare agent. In the event that you become seriously injured or ill and are unable to make decisions regarding your health, your determined healthcare agent is tasked with making those decisions on your behalf. As part of the estate planning process, assigning a healthcare agent is crucial to ensuring that your agency is reinforced at a time when you may not have the ability to speak for yourself. This process is legally referred to as the Medical Power of Attorney and is one of the responsibilities entrusted to a healthcare agent.
- Establishing a financial agent. Similar to a healthcare agent, your financial agent is an individual tasked with handling any of your finance-related responsibilities, including any bank accounts, property management, real estate, etc. By entrusting these responsibilities to your financial agent, you can ensure that all your affairs will be in order and managed. In legal terms, the Durable Power of Attorney is established in this process, and when necessary, your financial responsibilities will be properly managed by your designated financial agent.
- Listing out assets. One of the easier parts of the estate planning process is the creation of a comprehensive list of assets. Any property holdings, protected assets, or personal property are included in this list, including any debts owed and liabilities you might have that would be considered part of your complete list of assets. As an accompaniment to the list, you should outline the specific lines of inheritance for your beneficiaries as a way to help clearly determine which family members you would like to receive which assets.
- Choosing your beneficiaries. In most situations, beneficiaries are typically any family members or next of kin; however, beneficiaries are not limited to blood-related relatives. A beneficiary is anyone designated as receiving a piece of your estate after passing and can range from your children to friends and coworkers. By compiling a list of who you want as a designated beneficiary for your will, you can create a formal chain of inheritance that can be used during the probate process.
- Creating a will or a living trust. The most important part of estate planning is creating either a will or a living trust that outlines how different assets will be divided between your beneficiaries. Regardless of whether you choose a living will or a trust as part of your estate plan, both are essential to ensuring the transfer of your estate per your wishes.
- Storing your documents safely and securely. As with any binding legal documents, storing your estate plan in a secure yet accessible place can help ensure that in the event of your passing, you can have your last wishes properly respected. To ensure that your relatives, designated healthcare agent, and your designated financial agent have access to your will, be sure to provide them access to this information if you are unable to speak with them before your passing.
Why Is Estate Planning Important?
Planning for your passing is a necessary part of life. Establishing an outlined estate plan to ensure that your wishes are respected, along with creating a firm chain of inheritance for your family, is crucial for making sure your last wishes are respected. At Ken R. Ashworth & Associates, we can provide you and your family with the assurance of knowing that your estate and estate plan will be outlined with the utmost care.
Our experienced legal team is well-versed in estate law, providing you with the comfort of knowing that your best interests will always be kept in mind. Dealing with the undeniable truth of passing away is never an easy topic to handle, but at Ken R. Ashworth & Associates, we make the process of estate planning easy, manageable, and reliable for you and your family. To schedule a consultation or find more information, visit our website and contact us today.