Living Trusts and More
You have worked hard to build an estate. And you want those assets to pass to your heirs in a certain way, at a certain time. To ensure that your assets are passed to those you want to receive them, a properly devised estate plan is critical.
In addition to directing where your assets are to go, it is important to address healthcare issues in the event of incapacity. If you cannot make healthcare decisions for yourself, who do you want making those decisions? And what about life support?
A good estate plan will address all of these issues and more. Estate planning documents include wills, trusts, powers of attorney for healthcare decisions, powers of attorney for asset management, and living wills.
Living Trusts – A revocable living trust forms the foundation for a solid estate plan. This type of trust not only helps avoid probate, but is flexible enough to leave your estate to beneficiaries either outright upon your death, or in trust with the restrictions and guidance that you want.
Wills – If you don’t have a living trust, you can direct where your assets go through your will. If you do have a trust, a pourover will, one that names the trust as its beneficiary, is a must in order to act as a safety net to ensure that all your assets make it to the trust.
Healthcare Power of Attorney – If you were to become incompetent, who would you want to deal with the doctors, hospital, and other healthcare providers on your behalf? What decisions would you like to see made regarding your healthcare? This document answers these questions.
Living Will – Also called a “Medical Directive” or “Physicians Directive”, the Living Will tells the doctors and your loved ones what you would like to have happen in the event you are on life support and there doesn’t look like much of a chance of coming off of it.
Power of Attorney for Asset Management – This financial power of attorney gives someone the ability to handle assets and financial matters for you if you are incompetent and such assets are not otherwise held in a living trust.
What can a Nevada estate planning attorney do for you?
The accuracy of these documents is critical to your estate plan. If you live in southern Nevada, using a good Las Vegas estate planning attorney is a big step in that direction. And if a trust makes sense for your situation, then a Las Vegas trust attorney will help you understand the different types of trusts and all of the various provisions that can be used in the trust to accomplish your goals.
What about “Do-It-Yourself” Wills and Trusts?
People want to save money. That is understandable. I do too. But what people do not fully appreciate is that estate litigators, that is lawyers that contest wills and trusts, love “do-it-yourself” wills and trusts. What that means is that you may save a little money creating the will or trust, but if it is not done correctly, much more money will be spent fighting about it in court.
In addition, having a lawyer prepare the estate planning documents gives you another key witness that can testify that the documents do, in fact, represent your desires. And in Nevada, if you give anyone more than he or she would have received under the intestacy laws, that gift may be presumed void unless you have a Certificate of Independent Review by an attorney.
To meet with an estate planning attorney in Las Vegas or Henderson, call for a free initial consultation.