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Why it is vital to have a will

Nevada residents may be interested in reading about a survey that showed that more than 50 percent of Americans who have reached the age of majority do not have a will. While many people think the topic is depressing, end-of-life planning can financially assist an individual's loved ones and could help them avoid emotional stress as well.

A will also serves as a way in which people can pass their belongings onto a family member or friend of their choice. People tend to think they do not need a will because they do not own anything expensive. However, what is left behind after a person dies may be important to a loved one, even though it has little intrinsic value. A will allows a person, and not the state via its intestacy law, to designate who gets his or her possessions.

Another good reason parents should prepare a will is to name a guardian who will care for their minor children. Without a will, this important decision is left to a judge, and the person the judge appoints may not have been according to the parent's wishes. Further, as part of estate planning, people should prepare a health care power of attorney. This document names and authorizes someone to make important medical decisions if the principal becomes incapacitated because of a medical emergency or illness.

Many people mistakenly believe that estate planning is time consuming, unnecessary and expensive. However, preparing a will is a good idea because most people do not know when they will die. Those who are thinking about these matters might want to speak with an experienced attorney who can prepare the documents that are applicable to their situations.

Source: Source: FOX Business, "More Than Half of American Adults Don't Have a Will", Nick DiUlio, Feb. 6, 2017

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