Most Nevada residents design an estate plan with the goal of providing for a surviving spouse and/or children. Therefore, most young, single people may not think that estate planning is something families need to worry about — not them. However, every adult needs at least a basic estate plan.
Even though there may not be anyone relying on an individual’s income for financial survival upon death, family members will still incur expenses that need to be funded somehow. For instance, the cost of a funeral and burial, the probate process and other expenses will need to be paid. If a person does not have an estate plan at all, those costs will be borne by family members. Furthermore, without a will and/or trust indicating how assets are to be distributed, the costs could go even higher, and Nevada law will dictate who inherits the property left behind.
Therefore, an estate plan that clearly outlines an individual’s wishes, and perhaps even provides some sort of fund to handle costs after death, is essential. In addition, having some list of assets and instructions on how to get to them will save family members time and effort in locating everything owned at the time of death. They may not be relying on a loved one to provide for them, but making the process as easy as possible for them would be the best gift he or she could give them.
Estate planning serves a different function for each individual. For some people, it is about minimizing taxes. For others, it is about providing for surviving family members. Still, others use estate planning in order to provide some order in the chaos that occurs in the aftermath of the loss of a loved one.
Source: Forbes, “Young People Need Estate Planning, Too“, Tania Brown, Aug. 20, 2015