Most people would agree that preparing a will and planning for how their assets will be distributed after their death is extremely important. This very fact, however, may be one of the main reasons that so many Nevada residents put off estate planning; it’s so important that people routinely delay due to lack of time. They may fear that the process will be so complicated that they don’t have the necessary time to devote “right now” when the truth is, with the guidance of a family law attorney, the best estate planning occurs when there’s no sense of urgency. In fact, delay in planning is what generally leads to overly complicating the process.
When individuals die without a will or estate plan in place, not only do their surviving loved ones have to deal with the emotional aspects, they unfortunately are left with unnecessary financial complications and problems as well. Because of this fear, often when a person has put off estate planning and then suffers a health scare, he or she tends to panic and rush into the process with a lot of stress and pressure that could easily have been avoided. In doing so, it becomes easy for that individual to overcompensate and over-complicate the entire affair.
For many, their biggest worry regarding estate planning is the government taking a large sum of money from their beneficiaries. However, there’s usually no need for overly complex plans. To a degree, an individual can work to minimize taxes based on the current laws, but in the end, what really matters in helping to avoid paying excess taxes is, again, proper estate planning.
Instead of waiting until a health scare and then overcompensating with needlessly convoluted wills and trusts, or worse, waiting until it’s too late, Nevada residents may find peace of mind by seeking the counsel of a family law attorney now to help them with their estate planning. An experienced lawyer can work with the individual to make sure that his or her wishes for beneficiary representation are met. This way, stress on the individual is minimized, and the attorney can guide him or her through the process in a timely manner while doing his best to ensure all of the legal details are in order.
Source: cnbc.com, “Overcomplicating an estate plan can really hurt“, Bijan Golkar, Nov. 21, 2016