The answer is YES. No matter what your net worth, everyone should have an Estate Plan. A thorough estate plan includes: a will; a living will; a power of attorney; a health care power of attorney; and potentially a trust. Estate planning allows an individual to decide exactly who will benefit from their estate, and to what extent. When putting together a plan, you must also be mindful of both federal and state laws governing estates.
Important questions to ask yourself:
- Who should inherit your assets?
- Who should handle your financial affairs if you ever become incapacitated?
- Who do you want to make medical decisions for you should you become unable to make them for yourself?
How do I know what type of estate planning I need?
Start with an inventory of your assets. Your assets include the following: home, personal property, bank accounts, retirement accounts, investments, insurance policies, real estate and business interests. Once your assets are identified and valued, you can then discuss with an estate planning attorney the best options for you and your family.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.