There are several types of people in Nevada. Some would rather avoid all discussions regarding their own mortality, so they procrastinate when it comes to signing a last will and testament or other end-of-life documents. Then there are those who want to be as prepared as possible and want to have everything in order for their loved ones, so they use the estate planning process to secure their assets, set up trusts, designate powers of attorney and more.
Many people fall in between these two categories. They understand the importance of a solid estate plan, but they haven’t gotten around to crafting one. Finally, there are also people who have a plan in place, but they keep forgetting to update it. As 2024 draws nearer, what does your estate plan look like? Do you have one? Is it current?
Basic estate planning documents come in handy for 2024
If you’ve only just begun to think about estate planning for 2024, it’s helpful to understand the basics, which many people incorporate into their plans. The following list provides a glimpse of common estate documents:
- A last will and testament to state instructions regarding distribution of your assets, as well as other issues, such as a business succession plan.
- Revocable and irrevocable trusts, which can set assets aside for a specific person, group or purpose.
- Powers of attorney, which designate an agent to act on your behalf in matters of health or finances.
- Guardianships, which ensure that someone of your own choosing will take custody of minor children if you die or become incapacitated and are unable to fulfill your role as a parent, such as being in a coma.
There are no laws regarding which documents you must incorporate or omit from your estate plan. What you don’t want to do is execute a plan, then forget about it.
Periodic review and updating is necessary to keep your estate plan current
If you create a trust fund for your grandchildren but forget to add names to it when new grandchildren are born, it could create problems for your family members after you die. If you are married and name your spouse as the sole beneficiary of your estate, then get divorced and remarried but forget to update your plan, your spouse at the time of your death would receive nothing, and the former spouse would inherit all assets.
To avoid such problems, you can conduct periodic reviews of your estate plan and make any additions, deletions or updates, as needed. As you think ahead to 2024, if you have questions about estate planning or encounter a legal problem, you can seek guidance and support to help resolve the issue.