No one knows what the future may bring, which makes estate planning with Grant Morris Dodds a crucial step. To create an estate plan that protects the family and the life to which they are accustomed, certain factors must be considered. Follow these guidelines to prevent serious mistakes during the estate planning process.
Draft a Will
One of the most serious mistakes a person can make is to not have a will. Regardless of age, marital status, or income, everyone should have a plan outlining what should happen to assets. In most areas, if a person lacks a will, the state handles the disposition of assets. However, most family situations are complicated and the state does not consider such issues when dividing an estate. By having a will, a person can ensure assets go to the right people and they can prevent the state from deciding child guardianship issues.
Consider an End-of-Life Plan
Estate planning involves more than the disposition of assets after death. A person should plan for what may happen in the event of illness or mental incapacity. A healthcare power of attorney allows a person to appoint someone to make decisions on their behalf, and a living will outline directions for life-prolonging treatments. If a person needs someone to look after his or her property during a time of incapacity, a durable power of attorney is helpful.
Choose the Right Executor
An estate executor is responsible for carrying out a person’s wishes and distributing assets. The role is very time-consuming and it can take several months to a few years. Most people choose a relative, but some choose wills and estate planning lawyer in Las Vegas, NV. The person chosen should be honest, organized and responsible, and they should communicate effectively with relatives and beneficiaries.
Keep Plans Updated
Estate planning documents are fluid by nature. As life changes, so should a person’s last will and testament. Life events such as marriages, divorces, relocations, births, and deaths may require an updated will. Consider hiring an attorney for help in reviewing advance directives, wills, and beneficiary designation forms.
By following these guidelines, a person can visit this website to put together a solid estate plan. When a person hires a wills and estate planning lawyer in Las Vegas, NV, they can be assured things will be handled in a competent, professional, and timely manner.