In Nevada, "estate planning" broadly refers to the process through which someone decides what is to be done with their assets after death.
The first step in any estate plan is to figure out what you truly want to be done with your assets after your death. This is a very personal decision, and you should discuss it with your family, and others who might have a direct interest in your decisions. As for truly implementing your goals, you should probably speak with a legal and/or financial professional to figure out the best way to accomplish these intentions.
In addition to decisions concerning the disposition of your property, you should decide how you want to spend your final days. For example, many people have a strong preference about whether and to what extent they'd like to be kept alive by artificial means. Whatever your sentiment on this matter is, you should make it clear to the people who will be positioned to make such arrangements for you, if you are unable.
A knowledgeable estate planner in Nevada may also help you maximize the percentage of your assets that go to your chosen beneficiaries, by minimizing the impact of taxes and court fees. Moreover, preventing a will or other estate plan from being litigated in court will save your survivors an incalculable amount of time, money, and energy - and the better an estate plan is, the lower its chances of ending up in court.
Common Elements of Estates in Nevada
Estate plans in Nevada almost always have these features:
Will: A will is a written instrument stating what you want to be done with your assets after you die. There are many dilemmas that can come up in the drafting of a will. However, because the will doesn't have any legal or practical effect until after the person who made it died, they can't exactly correct these problems when they become apparent. Therefore, quality drafting, usually with the assistance of a knowledgeable attorney, is essential.
Power of Attorney: This is a legal document in which you give some other person (typically a family member) the ability to make decisions (often related to money or healthcare) on your behalf if you become incapable of doing so.
Funeral Arrangements: The judgment of what should be done with your body after you die is a very personal one. If you have a preference on this, for religious, or other, reasons, you should discuss this with a family member in advance. You should additionally put your wishes in writing, but you should not put it ONLY in a will; wills aren't always read immediately after the person who wrote it died. Sometimes, weeks, or even months, go by before the will is read. Obviously, by then it will almost certainly be too late to implement your wishes.
Do I Need a Nevada Estate Planning Attorney?
Because these decisions are so important in Nevada, it's almost never a bad idea to seek the counsel of an efficient wills, trusts, and estates attorney.
Interesting Facts About Nevada
The state of Nevada is located in the southwestern region of the United States. The name "Nevada" means "snow-capped mountain range", a reference to the Sierra Nevada mountain range. However, much of the state arid desert land. Nevada received much of its initial growth through the silver mining industry, earning it the nickname of "The Silver State".
Legal claims in Nevada are processed at various levels depending on the type of dispute involved. Nevada maintains a system of Municipal Courts, Justice Courts, District Courts, and a Supreme Court at the highest level. Nevada does not operate a separate system of intermediate appeals courts. Nevada's court system is famous for a whole host of famous cases cited by legal historians, including: "The Posse" case (Smith v. State); "The Gambling on Trial" case (Anderson v. McGill Club); and "The Last Stage Robbery" case (State v. Kuhl).
Nevada's growth can also be attributed to its distinct body of laws, which have attracted many people and organizations to settle in the state. Some of Nevada's laws are incomparable to those of other states. Most notable are Nevada's laws governing divorce, prostitution, smoking, and corporate tax advantages. Nevada has some of the most liberal alcohol laws on the one hand, in contrast with some the country's strictest drug-enforcement laws.
Lawyers in Nevada provide clients with guidance and representation through the state's legal system. Nevada attorneys are often licensed in multiple states, since the state is a center of much inter-jurisdictional activities. Experienced Nevada lawyers are available to provide high-quality legal services.
