The Importance of Estate Planning for Everyone
When you reach the age of majority, no one has statutory authority to make medical decisions on your behalf. Furthermore, after becoming a legal adult, you have full control over any assets that are titled in your name, so the importance of estate planning becomes a pressing issue. By creating an estate plan, you can feel good that your affairs will be managed by someone who you trust to act in your best interests.
Why Should You Have a Will or Trust?
At a minimum, you should have a will that dictates where assets held in your estate will go after you pass. A trust allows you to hold assets outside of your estate, which means that they wouldn’t be subject to probate. Furthermore, the value of property owned by a trust wouldn’t be included when determining your final state or federal estate tax liability.
Beneficiary Designations Contribute to the Importance of Estate Planning
Typically, financial accounts such as a retirement or brokerage account are transferred per the terms of a beneficiary designation. It is important to understand that anything written on such a document overrides anything that you write in your will. Therefore, it is important to review your beneficiary designations at least once a year to ensure that assets don’t accidentally go to a former spouse or estranged child.
An Attorney May Help You Create an Estate Plan
An estate planning lawyer in Las Vegas may be able to help you create a will or trust that meets your needs and conforms to state law. He or she may also review any plan documents that have already been drafted and executed. However, it is important to note that you can create, review or edit an estate plan on your own at any time.