It is never too early or too late to start the estate planning process, no matter your age or financial status. Experts have come up with some things to do and things to avoid as you embark on your estate planning journey. Here are some tips on how to handle the process.
Be specific when creating a will
A will is often one of the most important parts of the estate planning process, as it specifies what happens to your assets and investments. Experts suggest:
- Assigning an executor to manage your estate and an alternative executor if your first choice is unwilling or unable to do the job.
- If you have dependent children, name a guardian to care for them. This can be the same person as your executor, but that is not always the best option.
- Do not assume that all your assets will automatically go to your spouse when you pass away. Creating a will clearly addresses your intentions and makes sure that your loved ones get what you intended for them.
Set up beneficiaries for specific assets
Experts say setting up beneficiaries for specific assets (e.g., bank accounts) removes them from the estate and can save your loved ones money when it comes time to settle the estate in court.
Choose a power of attorney and create a living will for medical decisions.
A health-care power of attorney is important if you are ever unable to make healthcare decisions for yourself. Experts say this person should be someone you trust who is willing to respect your wishes. Make sure you give copies of your signed POA to both your health-care agent and doctor.
A living will provides clear directions on what life-saving treatments you are open to and which ones you do not want. Your power-of-attorney will make sure your wishes are not ignored.
Estate planning in Nevada can be complex, and it is easy to make critical mistakes if you are not careful. As you go through the estate planning process, it can be helpful to have an attorney on your side to make sure your estate plan is thorough and enforceable.