All too frequently, young parents with small children procrastinate making a will because they assume there is not much point at this stage. They may think that everything will automatically go to their spouse or that they don’t own enough assets to bother. However, the lack of adequate estate planning for Nevada parents can prove problematic in several ways.
For example, if one parent dies, any assets that were solely in that parent’s name without an established beneficiary will have to go through a court-appointed process where an estate administrator is named. Any minor children must then have a court-appointed guardian to represent their interests, and any assets they receive through this process will not be distributed until they are legally considered adults when they turn 18. Furthermore, all of the court costs and legal fees involved in this process must be paid by the surviving parent. Additionally, if both parents suddenly pass away at the same time, any minor children will have a court-appointed legal guardian assigned, and the parents will have had no say in who this individual is.
However, with the aid of an estate planning attorney, young parents with small children can create a will ensuring that all assets are left to the spouse. A lawyer can also help draft powers of attorney documentation for both financial and medical matters. Also known as advance directives, these documents can ensure that the healthy spouse is legally allowed to handle financial and medical decisions if the other spouse becomes incapacitated.
A Nevada estate planning attorney can help couples create documentation to make sure that, in the case of sudden death, the surviving spouse will inherit all assets. Couples with minor children can also appoint a legal guardian in the case of their death. Additionally, a lawyer with experience in estate planning can offer invaluable guidance to evaluate possible needs for disability or life insurance, ensure that special needs dependents will be cared for, and even help with the often-complex estate planning situations when parents are divorced or have remarried.
Source: recordonline.com, “Estate planning for young families“, Bonnie Kraham, March 8, 2017