How to Provide for Your Family After Your Death
An estate plan can help you prepare for almost any event that occurs during your lifetime. It can also help you prepare for events that might occur after you pass. It may be possible to protect your loved ones by creating a will, trust or other document designed to provide survivors with the resources that they need.
What Can a Will Do to Help Loved Ones?
On a basic level, a will gives you an opportunity to tell loved ones where important documents are and how to structure your funeral. That alone may help to relieve the stress and anxiety that they might feel after your death. However, it can also make it possible to dictate where assets go and who should look after your children. Without a will, the state may play a larger role than you would like in the probate process.
What Can a Trust Do to Help Family Members?
A trust can hold assets for a minor until he or she turns 21. These assets could include a home, money in a bank account or the death benefit from an insurance policy. Trusts can also specify how assets are used so that they can benefit multiple generations to come. Since items in a trust are considered outside of an estate, they can’t be repossessed or liquidated by creditors.
Legal Counsel May Help With an Estate Plan
Working with a probate attorney in Las Vegas could make it easier to craft an estate plan that meets your needs. For instance, he or she might recommend a specific type of trust to create based on your budget and specific life circumstances. An attorney may also act as a trustee or executor of an estate if necessary.