Estate planning is a subject that may interest residents of Nevada who want to put their lifetime savings to good use. With patchwork families, or families in which at least one spouse has been married before and has children from that marriage or from a previous relationship, and many people spending much of their life unmarried, the traditional will alone is probably not the best plan. Single people may want to consider designating a power of attorney or creating a living trust for financial decisions in the event of incapacitation. They may also consider designating a medical power of attorney and drafting a directive that documents their medical wishes.
Long-term care insurance may be needed for the single person who doesn't have a partner. Under Medicaid, married couples may be able to keep more assets than single people when being cared for at an inpatient facility. Singles who own assets jointly with a partner may lose them in order to qualify for Medicaid benefits. The assets of singles who die without a will are distributed according to state law, and childless singles bequeath more often to charities and unrelated persons.