Have you taken the time to evaluate your estate? Do you know your net worth? Have you thought about what would happen to your finances should you become incapacitated or pass away? Who will take care of your children if you are not able to?
Many of us try to avoid such thoughts or questions as they can bring about anxiety and worry. Some of us may be fairly young and still believe we have a lot of living left to do. Some just do not believe they have the time or resources to invest in estate planning. What is important to note is that: estate planning is necessary throughout your life, and once you begin the process, it becomes easier to maintain over time. At Essential Legal Services there are a few main points I share with my prospective clients:
1. ESTATE PLANNING IS AN OUTWARD, LOVING GESTURE TO YOUR FAMILY:
Planning for your incapacity and/or death is one of the most loving gestures you can do for those you hold most dear. Many of my clients are motivated to begin their own estate planning when they witness a person close to them who has failed to plan. The real life consequences and hardship this creates for their friends, family and companions can be quite stark.
2. ESTATE PLANNING IS AN ONGOING PROCESS OVER YOUR LIFETIME:
Estate planning is an ongoing process that should be managed throughout your life. Many clients believe that by drawing up a few instruments that they are good to go…forever! Pay attention to the following events: marriage, birth of a child, divorce, death of a loved one, changes in investment opportunities and risk exposure; these events often trigger updates to your plan.
3. YOU CAN START WITH THE BASICS AND BUILD:
The most basic estate planning tools are simple and fast to create. A basic will and durable power of attorney are simple, fast, and are meaningful ways to begin planning, especially if you have young children. A living trust provides a mechanism to avoid probate. A Nevada asset protection trust can be included once you begin to accumulate wealth throughout your lifetime.
4. YOU ARE NEVER TOO YOUNG OR OLD TO BEGIN:
There really is never a “right” time to begin. If you have an individual in your life who you would like to protect and/or you want to determine how your assets are used and distributed upon your death, then there is no time like the present.
5. IF YOU FAIL TO PLAN, SOMEONE ELSE WILL:
Remember, if you fail to take charge of your own estate plan, the State in which you are domiciled upon your death will distribute your assets on your behalf under the laws of intestacy and it may not be what you ultimately desire.