What should you include in a comprehensive estate plan?
Creating an estate plan is an important step in any adult Nevada resident’s life. You may have considered planning before but put it off for whatever reason, but more recently, you have been thinking about the need to create a plan more often. You may be advancing in age and want to have your affairs in order, or you could have experienced a life-changing event, like the birth of a child.
Whatever your reason for wanting to get started planning, you are heading in the right direction. Still, you may need a great deal of information regarding what you should include in your plan. You may already have ideas about your will, but in order to create a comprehensive estate plan, you will need additional documents.
Important documents
The documents you include in your plan can provide information on different topics and give certain people the ability to act on your behalf if needed. Therefore, you may want to consider including the following documents in your plan:
- A will: The will is the most thought-of document when it comes to estate planning, and it certainly is vital. This document can include your wishes regarding asset distribution, and it can also include your guardian appointment for any children you may have.
- Power of attorney: Power of attorney documents allow you to appoint a person to act as your agent in situations where you cannot make important decisions on your own. In particular, a POA agent can make financial and health-related decisions should you suffer from incapacitation.
- Living will: A living will differs from a standard will in that this document includes information regarding the type of end-of-life care you may want to receive in the event that you face a terminal medical situation.
- Trusts: Trusts come in a variety of forms and can have many different purposes. You can use this tool to remove assets from your estate and designate what the assets should be used for.
While these documents can set the base for a comprehensive estate plan, a number of other documents could also prove useful to your plan. Depending on your specific circumstances, you may have unique needs to address.
Getting help
Understandably, you may feel overwhelmed by the idea of having so many documents to consider. Fortunately, you do not have to try to navigate this process alone. You can seek assistance and guidance from an attorney who can provide reliable information about your planning options.
