Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.
Essential Legal Services can provide you with the most necessary mechanisms and instruments to begin your estate planning process in compliance with Nevada law such as:
Durable Power of Attorney
To understand the significance of a durable power of attorney, one needs to understand a power of attorney in general. A power of attorney is an instrument in which one person grants another the authority to act as their agent or attorney in fact.
Usually the power of attorney will become ineffective upon the incapacitation or death of the grantor. The durable power of attorney is a unique instrument that allows the agent to continue as the grantor’s agent or attorney in fact even when the grantor is incapacitated. These instruments can allow an agent to make healthcare decisions for a patient who has become incompetent and are a necessary part of the estate planning process.
A will is a device that lets you tell the world whom you want to get your assets upon your death. If you were to die without one, then the state typically decides who gets what, without regard to your wishes or your heirs' needs.Making a will is especially important for people with young children, because wills are the best way to transfer guardianship of minors.
You may amend your will at any time. In fact, it's a good idea to review it periodically and especially when you experience major life changes such as marriage, divorce, or the birth of children.
State law dictates the requirements for wills. Other factors include where property is located and where a person is domiciled at death. It is important to seek legal counsel prior to creating your will to make sure it will be enforced at the time of your death.
A trust is the legal right to the beneficial enjoyment of property to which another holds the legal title.
Typically the trustee holds property, at the request of the settlor, for the benefit of the beneficiary.A trust can be used for many purposes, generally is serves as a legal mechanism that lets you put conditions on how your assets are distributed after you die and it often lets you minimize gift and estate taxes.
Any assets that are not retitled in the name of the trust can be subject to probate.
There are many different types of trusts, so it is important to seek legal counsel to understand what might be the best type of trust for each person’s unique facts and circumstances.