No matter what size estate a Las Vegas resident has, everyone needs to create an estate plan. There are several steps a person can take to make sure their estate plan is accurate and comprehensive.
Estate inventory
The first step in creating an estate plan is taking an estate inventory. Taking stock of what a person owns is the first step in what kind of estate plan is needed. Taking inventory should include homes, vehicles, jewelry, bank statements, investment account statements, insurance policies and records of all debts owed.
Determine best estate planning documents
After creating an estate inventory, the next step is to determine the best estate planning documents that protect and distribute assets of the estate. A person will need to determine if they would like to create a will or a trust. Ancillary documents should also be created. These include durable power of attorney, healthcare power of attorney and a living will.
Personal representative
After an estate plan is created, a person will need to choose an estate representative and agents. A person can choose a representative for their will or trust, a person to serve as their durable power of attorney, and a person to serve as their healthcare power of attorney.
A legal professional who is skilled in estate planning can help their client through the estate planning process. Whether they are creating an estate plan from scratch or updating an existing estate plan, an attorney can be a valuable part of the process. They can help their client make decisions about which type of estate plan would be best. They can also explain the roles of personal representatives and how to choose someone for these important roles.