The most common mistake people make in estate planning is simply not making time for it. Be smart and plan for your future, as well as the future of your loved ones. The best way to protect you and your loved ones is to take time TODAY to plan your estate. Follow these simple rules and you’re well on your way to ensuring your loved ones have peace of mind and are secure in the event that you pass away:
- Have a Will in Place. If you do not have a will in place when you die, the state will decide what happens to your property. A will allows you to make decisions TODAY as to who gets your property in the future when you’ve passed away, what should be done with your existing property, and perhaps which charitable organizations will benefit from your estate. As death is a difficult time for everyone in your family, having a strong will in place will ensure that while everyone is grieving, there are clear directions in place as to your wishes and intentions for your assets passing onto your heirs. For example, if you want your eldest child to inherit your home and your favorite charity to receive an anonymous cash sum, you should put that in your will.
- Keep your Will Current. Oftentimes, people have wills and then, their family circumstances change (ie: divorce, death, etc.). In order to protect your heirs, keep your will current. If you remarry or divorce, update your will. If you have more children, update your will. The key to a great will, is to keep it current so, it is always accurate and ready to implement.
- Plan for Incapacity. Incapacity occurs when you are unable to speak for yourself. In order to protect your interests during incapacity, powers of attorney are great tools to use in your will. A Durable Power of Attorney and a Medical Power of Attorney can protect both you and your family’s interests. A Durable Power of Attorney allows the person you choose to make legal and financial decisions on your behalf. A Medical Power of Attorney allows you to state in advance the kind of medical care you would want in the event you become incapacitated. Moreover, it allows you to indicate the person you would want to make medical decisions on your behalf if you are unable to speak for yourself. If you do not have any powers of attorney in place before you die, the state will get involved at the time of your incapacity, and will make decisions along with your family as to what will happen to you. When someone does not have powers of attorney in place during an incapacitated state, the process with the state becomes quite time consuming as well as financially burdensome for your family. Don’t let that happen to your family by making plans for your estate today.
Make the time today to see a Las Vegas will, trust, and estate attorney. Contact the Cutter Law Firm, the local Las Vegas connection to your estate planning needs. We would love to meet with you and talk to you about your planning options.