No one enjoys thinking about their death and how it will affect their family members and loved ones. This is why estate planning frequently falls to the bottom of the To Do list; everyone knows it is important, but it can be such an unpleasant topic that people tend to procrastinate. However, for residents of Nevada who have children, estate planning should be moved to the top of the list of priorities.
Often, the most important aspect of estate planning is deciding who will care for children if both parents die at the same time. A single individual or a family can be selected. In addition, there are two separate roles to be filled: a Guardian of the Estate manages the financial affairs of the children, while the Guardian of the Person raises the children. These two roles can be performed by separate parties or by the same person, according to the wishes set forth in the estate plan.
Another aspect of an estate plan is choosing someone to make health care decisions on the individual’s behalf if he or she becomes incapacitated. This is a lot of responsibility for the person selected, so it is important to clearly communicate intentions ahead of time. This way, the person in charge of the decision and the rest of the surviving family members are certain of what the individual’s desires would be.
Asset distribution is another issue that will be addressed during the planning process. Having a proper plan can help to accelerate or, in some cases, eliminate the probate process to make the entire situation go smoother. Estate planning isn’t something individuals do for themselves, but rather for their loved ones to save them hassle and grief in the emotional aftermath of their deaths. Residents of Nevada who have questions about estate planning or are ready to begin the process would benefit from the counsel an experienced attorney.
Source: nerdwallet.com, “Congrats on Your New Baby! Now It’s Time for an Estate Plan“, Brian Mccann, Dec. 22, 2016