Everyone can benefit from estate planning

Some Nevada residents may question whether they need a will. In the absence of one, however, the state will determine who receives their assets. Individuals do not have to own large amounts of property or have children to need a will. Indeed, everyone can benefit from estate planning.

A will is not the only estate-planning document that people may require. Every estate plan should include at least a will, a durable power of attorney for finances, a health care power of attorney and medical directives. Depending on the circumstances, other documents may be required in order to properly distribute an individual’s assets.

A will appoints an executor, provides for the distribution of property and the appointment of a guardian for any minor children in specified circumstances. There are certain actions that must be performed in accordance with Nevada law prior to any distributions, however. Therefore, it may be necessary to prioritize the order in which heirs receive property in case the probate process requires the use of existing assets to pay creditors, taxes or any other costs and fees.

Estate planning is not only about executing documents. It is also about determining the best way for property to be transferred to a surviving family member or friend after death. Some property transfers through operation of law and not through a will, regardless of what it might say. For example, if a piece of property is jointly titled, the surviving party typically receives it without going through probate and despite what is said in a last will and testament.

Source: USA Today, “Do I need a will? What to know about estate planning“, Jim Ludwick, April 26, 2016