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Posted on March 9, 2023 in estate planning
Estate plans can be made by anyone who wants to protect their assets and ensure their family and loved ones receive benefits. Having an estate plan can also help make the probate process easier and ensure your assets are distributed how you’d like them to be after you’re gone. However, an estate plan also needs to be legally sound.
Every estate plan is different, and what is necessary for your estate plan is going to depend on what your assets are and how many you have. Many estate plans include the following:
The most reliable way to ensure every aspect of your estate plan is legally valid and enforceable is to talk with an estate planning attorney in Las Vegas. They have the legal knowledge and experience with estate planning to create valid documents. They also know the common mistakes that may occur and create invalid estate plans.
There are steps you can take to work toward a valid estate plan in each component of your plan in Nevada.
Creating a will must be done by someone 18 years or older, who is of sound mind. Other requirements for a valid will include:
Making a will doesn’t require an attorney, but if you believe your will may be contested, you’ll want legal advice.
You can create a will to distribute your assets, but it must go through the probate process. A trust does not go through probate. This saves your beneficiaries and loved ones time and money. For a trust to be valid, it must meet these requirements:
If you’re concerned that your trust may be litigated, you should discuss how to safeguard it against this with a qualified attorney.
Naming durable power of attorney appoints someone to be in charge of legal and financial decisions for you. A medical power of attorney puts someone in charge of your medical decisions if you are incapacitated or otherwise incapable. For the power of attorney authorization to be valid in Nevada, it must meet these requirements:
A: As with any attorney, you should ask what previous experience they have with estate planning, as well as with estate plans like yours. Other questions you may want to ask include:
A: You can ask your attorney how often to review your estate plan given your circumstances. Often, people will review them once or twice a year. The general consensus is that you should review your estate plan at least every three to five years. Additionally, if you experience an extreme life change, you should review your estate plan.
A: The first step is often to create and sign your will. Your will encompasses all your assets, properties, and debts, and it determines guardians for any minor children. Though a trust can be created for your assets to keep them from having to go through probate, only your will can determine guardianship. Your will may also include property that was unable to be transferred to your trust. If you forget to switch properties to your trust, the will acts as a backup to ensure it goes where you want.
A: The basic elements of most estate plans include a will and testament, a trust, and durable and medical power of attorney. Depending on your needs, you may choose to only have a will instead of a will and trust. Talk with an attorney to see how the probate process may impact a will-only estate plan.
At Ken R. Ashworth and Associates, we offer several services to assist you with your estate planning needs. We want to support you through the process and ensure you understand your estate plan. Contact our firm today.