In the state of Nevada, estate planning is done when you want to transfer your real estate and personal property to another person or want them to manage those things in the event of your death. It can also be done in case you are rendered incapable of managing your assets yourself. Estate planning is a vital step toward ensuring that your property and finances will go to your children, family members, and other important individuals in your life. It is important to have the right estate planning lawyer.
Creating a will is one of the first steps you must take toward estate planning. A will is a document that explicitly states exactly what you want distributed to your loved ones. It includes instructions regarding the distribution of property, funeral arrangements, simple trusts, provisions for your children and determines an executor who will administer your estate. Often, there is an alternative executor named within a will in case something happens to the individual you name as executor as well.
A will is extremely important, because if you do not have one and you die, the state of Nevada will designate an administrator and distribute your assets in a way that you might not have wanted, which can result in family disputes.
Your estate planning lawyer will help you to avoid probate, the process that determines whether a will is valid and appoints an executor of the estate. Although probate is not always completely avoidable in many instances, especially when there is a large estate, your attorney will ensure that you are able to give your assets to the right individuals with living trusts, life estates, and joint ownership.
Power of attorney is also important in estate planning. Giving a specific person the right of power of attorney means that individual will handle your financial affairs after your death or if you are deemed mentally incapable of handing them yourself.
Leah Martin is a highly skilled attorney based in Las Vegas, Nevada. She has the extensive knowledge and experience needed to assist you in your estate planning goals. If you reside in Nevada and are looking toward your future and want to ensure your property and money goes to the right people, contact Leah Martin Law today.