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Estate planning is important for everyone

Nevada residents who want to retain control over the eventual disposition of their wealth need to start thinking about estate planning. This is the process of legally preparing for what happens to assets and properties when their owners die.

There are multiple tools and financial vehicles that may help people protect their possessions and provide for their relatives. One such option is a power of attorney, which allows a trusted individual to make certain decisions in the event that the principal becomes incapacitated. These could extend to health care decisions as well as those of a financial nature.

Another way to protect property is to place it in a trust. There are different types of trusts that can be tailored for different purposes. One reason to establish one could be that the settlor believes that a beneficiary would squander a lump sum inheritance received under a will. The language of a trust could provide that the beneficiary receives distributions only upon the achievement of certain milestones, such as the attainment of a certain age.

Thorough estate planning may make it easier to avoid tax obligations and ensure that a greater percentage of one's wealth serves an intended purpose. Each and every situation is different, however, so it's vital to create a customized estate plan that satisfies specific goals. For instance, there are many varieties of trusts to choose from, and the way wills are written can impact their effectiveness. Consulting an attorney could make it easier to pick the best options.

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Escobar & Associates Law Firm, Ltd.
150 North Durango Drive Suite 230
Las Vegas, NV 89145

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