When to Hire a Las Vegas Estate Planning Attorney
Posted on June 15, 2023 in estate planning
Now is always the right time to plan for the future. None of us knows what will happen or how long we have until it does. That is why it is ideal to take a proactive approach to preparation. When managing your property, early estate planning is the right way to ensure peace of mind, maintain control over your assets, and optimize your strategy.
When Is the Right Time to Begin Estate Planning?
Most financial advisors recommend establishing an estate plan once you become a legal adult. While it’s true that your assets will be comparatively limited at 18, it will be far easier to establish a plan early on, and then update it regularly every few years, than it will be to begin one from scratch when the extent of your assets and potential list of beneficiaries make the plan more complex. Additionally, there are several other advantages to beginning an estate plan as early as possible:
- Peace of Mind: As the adage goes, it is better to have and not need than to need and not have. None of us knows when our time will come, and a prepared and ready estate plan will be necessary. Having one already completed prevents the misfortune of passing away without a legal will. It also provides peace of mind in the meantime, knowing your wishes will be carried out, your loved ones provided for, and your assets protected.
- Control: The primary purpose of establishing an estate plan is to ensure agency over your own property and to clearly delineate how you want your estate managed or distributed upon your death. The clearer and more exhaustive your estate plan is now, the more you can ensure that your preferences and wishes will be implemented properly. An early estate plan will also help minimize potential conflicts that may arise with loved ones who may otherwise disagree with your choices in management.
- Maximize Tax Strategies: Establishing an estate plan early allows the time necessary to find and implement effective tax strategies. There are many tax-saving mechanisms available, and having a head start means you can stay abreast of the most current estate and tax law situations relevant to your circumstances.
What Are the Benefits of Hiring an Estate Planning Attorney?
Utilizing an experienced professional throughout the process of estate planning is the ideal means of securing optimal outcomes for your plan. An estate planning attorney has a strong background in dealing with countless estate cases and documents. They can counsel you through the consideration of the many different options available to you. By hiring an estate planning lawyer, you can:
- Shorten or Eliminate Probate: Probate covers the legal process of distributing a decedent’s assets upon their death and is usually done through the court system. A skilled estate planning attorney can craft estate documentation, such as a will or trust, that will satisfy the requirements and mitigate the need for unnecessary time and fees spent validating and making asset management determinations.
- Better Distribute Your Property: Attorneys have a reputation for being thorough. When crafting an estate plan, making sure that the legal terminology is as precise as possible means that more inheritance can be passed on to your loved ones. A skilled estate planning attorney knows all the issues to consider when listing your estate and can make sure nothing is left out when considering everything you own.
- Ensure That Your Legal Documents Will Be Upheld: There are many circumstances and errors that could potentially invalidate your estate documents. For instance, if a will fails to meet all the necessary requirements, the court would no longer be obligated to carry out the expressed wishes. Unfortunately, at that point, there may be nothing your loved ones can do. It is common for wills created online, for example, to be incomplete. An experienced estate planning attorney can do everything necessary to ensure your beneficiaries do not unduly lose their inheritance to claims or debt collectors.
Q: What Is a Power of Attorney in Las Vegas?
A: In Las Vegas, Nevada, giving power of attorney to a person allows that individual to act on your behalf in all legal matters. Despite the name, this person does not need to be an actual attorney. Most often, someone will appoint their spouse, adult child, or other trusted family member or friend for this role.
Q: How Do I Make a Will in Nevada?
A: Creating a will in Nevada involves determining assets to bequeath, assigning beneficiaries, appointing an executor, and drafting the will in accordance with all legal requirements, which include:
- Clearly outline your intentions and wishes for all assets.
- Be of sound mind when you create the will.
- Sign it in the presence of two witnesses, who must also sign and cannot inherit anything from the will.
- Draft a hard copy of the will, as the state does not recognize wills in electronic form.
Q: What Is the Average Cost for Someone to Do the Process of Estate Planning in Nevada?
A: The cost of hiring a professional to assist with your estate planning will vary depending on the complexity of your estate plan. You should expect to pay around $500 for a simple estate plan, in which you’ll have the most important documents prepared for you.
For more involved estate plans that benefit from a knowledgeable and skilled attorney, anticipate costs averaging between $1,500 and $3,000. These figures do not take into consideration the savings gained from effectively utilizing all legal benefits and avoiding high probate costs.
Q: What Is the First Step in Estate Planning?
A: Before you begin planning your estate, the first step is to assess what exactly comprises it. This means taking an inventory of all your assets and property. Make a list that includes all physical belongings and financial assets, including your:
- Financial accounts
- Insurance policies
Once you have a comprehensive list of all your property, you can begin the following steps in estate planning, including assigning beneficiaries and appointing an executor.
Estate Planning Attorneys at Ken R. Ashworth & Associates
Looking for an established estate planning lawyer you can trust is the most important step you can take to begin estate planning in Las Vegas. No matter what stage of life you find yourself in, or how humble or robust your estate is, our team can help you begin strategizing your estate plan. Contact us today to learn more.