How to Benefit From an Estate Plan While Still Alive

Many people believe that creating wills or trusts can only benefit those who have a lot of money. However, creating an estate plan may benefit anyone who has any assets at all. It can also benefit parents or any adult who wants control over their medical treatment in the event that they become mentally incapacitated.

Parents Can’t Make Decisions for Adult Children

Once a person turns 18 or otherwise reaches the age of majority, a parent cannot generally make medical decisions for a child. Therefore, a medical power of attorney may be ideal for anyone who is considered a legal adult. A financial power of attorney may also be ideal for those who may have debts that need to be paid off or may need help managing their finances after an injury or illness.

Parents Can Provide for Minor Children

Parents who are concerned about who would provide for their children if they pass on or become incapacitated can benefit from an estate plan. A living trust may make it possible for mothers or fathers to name guardians for their children if they can’t provide care themselves. Without such a directive, the state may decide whom the children are raised by. Creating a trust may make it easier for children with special needs to qualify for government benefits without losing access to personal assets.

Estate Planning Needs Can Be Fluid

Even if you have an estate plan in place, make sure to review those documents on a regular basis. It may be worthwhile to consult with an estate planning attorney in Las Vegas after a major life event, such as a marriage, divorce, or birth of a child. Doing so may help provide peace of mind and increase the odds that plan documents won’t be challenged.