Virtually all of us have an estate. The assets that you own, such as your home, car, checking account, your personal possessions, constitute your estate. No matter how small, we all have an estate and the fact is, we can’t take it with us when we pass away. So, estate planning – that is deciding and planning for what happens to your estate, is extremely important for everyone.
Sure, we all want to be able to control what happens to our possessions after our death. Most of us would prefer to be able to decide now who will receive certain property, and be sure that those wishes are carried out by someone we can trust. The only way to do that is to leave behind adequate instructions for our family members.
What is Estate Planning?
Estate planning is the process of creating a plan, in advance, which identifies the individuals you want to receive your property after your death. However, proper estate planning is more than just planning for our things. In Reno Nevada, a comprehensive estate plan should also include the following, if applicable:
- Include instructions for your medical and personal care if you become disabled,
- Name a guardian for any minor children, who will also manage any inheritance,
- Provide for any special needs family members, while protecting eligibility for government benefits
- Life insurance benefits for your surviving family, disability income insurance if you become unable to work, and long-term care insurance to assist in financing your medical care in the event of an extended illness or injury.
- Plan for the transfer of your business at your retirement, disability or death
Your plan should be reviewed and updated as needed during your lifetime, such as when your family and financial situations changes.
Estate planning is for everyone.
Estate planning is not just for the wealthy. Nor is estate planning only for those who are close to retiring. Many people postpone estate planning for different reasons. Some believe they don’t have enough assets. Some think estate planning is only for older generations. Others procrastinate believing they have plenty of time.
However, as no one can predict how long they will live, or whether illness or injury is in their future, estate planning should be done sooner rather than later. Once something happens, it’s often too late and the families of those who did not plan, will be left behind to pick up the pieces.
Estate planning is not as expensive as you may think.
Estate plans obviously differ based on the size and complexity of the estate involved. So, even if you can’t afford a complex plan at this point, you can always create a simpler plan now. For instance, a single adult or a young family will probably only require a will, term life insurance and a power of attorney for assets and/or health care decisions. Then, as your needs and the needs of your family change, or your financial situation improves, you can develop your plan accordingly. An experienced Reno estate planning attorney can provide the necessary advice to give you peace of mind that your estate will be properly handled after your death.
Let Our Reno Estate Planning Attorneys Help
If you are ready to take action, we would be glad to assist you. You can contact us through this website to set up a free consultation, or you can give us a call at (775) 823-9455.