Protecting Your Legacy With a Thorough Estate Plan

Your estate planning needs may be different from those of your friends, neighbors or colleagues. For instance, you may be able to transfer assets with a beneficiary designation or a will as opposed to creating a trust. Those who don’t have children or grandchildren may choose to give their money to charity instead of to future generations. Regardless of your estate planning needs, how can you be sure that you’ve created one that works for you?

Understand What Plan Documents Do

Some estate plan documents are deemed to be more important than others in the eyes of the law. For instance, if you have a beneficiary designation in place, it will likely trump the instructions that you put in your will. If you create an irrevocable trust, there is a chance that its terms can’t be changed unless all beneficiaries agree to it. By knowing how each component of your plan works, you can make educated decisions when putting one together.

Be Sure to Include a Power of Attorney

While there is no right answer when creating an estate plan, including a power of attorney and health care directive should be considered estate plan essentials. They allow others to exercise guided control over your finances and medical care if you can’t or don’t want to make those decisions on your own. Having these documents could reduce the odds of being the victim of a scam or being forced to accept treatment against your wishes.

An Attorney Can Help Answer Your Questions

An estate planning lawyer in Las Vegas may walk you through the process of creating an estate plan or help review an estate plan that already exists. Working with a professional may increase the odds that you feel good about your plan and that it adequately adheres to your wishes.