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.
To obtain additional information on Estate Planning please call our experienced Las Vegas Estate Planning Attorneys at 702-798-4955