“What would happen after I die?” – That’s a question no one wants to think about. There are also other contingencies like incapacities that must be accounted for. Unfortunately, these are eventualities of life, and no matter how much you own, you should invest in estate planning. It is never too early or too late to have an estate plan, and your age or wealth shouldn’t be a factor in delaying the process. If you need help, consider talking to a Reno estate planning attorney to understand the process. While there are online services, nothing really beats the expertise of an attorney. We have explained the typical estate planning documents in Nevada below for your help.
- Wills: Also called the Last Will & Testament, a Will is the basic estate planning document you can consider. It comes into play upon your death and must go through probate. The will decides how your assets and wealth are distributed after your death. You can decide how your properties and money are divided between people, name the beneficiaries, and make arrangements for other things as applicable.
- Revocable Living Trusts: A Revocable Living Trust is a document that basically transfers assets into a trust, which can be managed by someone of your choice. If you are incapacitated or die, the trustees will decide what happens to your estate as per the Revocable Living Trust documents. Unlike wills, trusts don’t have to go through probate.
- Financial Power of Attorneys: If you become ill or incapacitated and cannot make financial decisions, your Financial Power of Attorney will determine who gets to make those decisions. Expectedly, you need to choose the right person for the job.
- Medical Power of Attorney: This document allows someone of your choice to make medical decisions for you in case you cannot do so. Besides honoring your wishes communicated to them, the document helps prevent conflict within the family. You can also consider having a Living Will, which will communicate your wishes for different medical scenarios. For instance, you may consider not being put on a ventilator, and if you have a Living Will, your family and doctors will have to honor that.
- Guardianship: If you have minor children and want to make provisions for them, you can create guardianship documents, which will also decide a legal guardian for your children as you desire.
Contact an attorney in person to understand the estate planning process better.