Las Vegas Estate Planning Law Blog

The average family in Nevada does not need to worry about paying estate taxes as estates under $5.25 million are exempt. However, many people have assets that require a proper estate plan. Estate planning benefits households with children who are minor and people with modest possessions. There are many ways individuals and families can create an estate plan. The most common form of estate plan is a will or a living trust.

The laws that apply in the state of the deceased will dictate what happens to your assets and to children who are minors. Individuals who want to the ability to make their wishes known upon their death need a will. A will is used to name the executor of an individual's estate, a guardian for their children, and to name the beneficiaries of specific assets. The job of the executor is to pay taxes that are due, any of the bills for the estate, and distribute assets. A guardian is appointed to care for any children until the reach the age of 18 or 21.

Nevada residents who are thinking about estate planning should not forget to take digital records and assets into account. Digital assets can have both financial and emotional value, and since many people are now doing much of their banking through the Internet, it is important to ensure that executors have access to online banking information. If someone does not take digital information and assets into account when they deal with their estate planning, it can cause problems for their heirs.

Some digital assets have monetary value; for example, some domain names are valuable because they are tied to search engine results. Additionally, many blogs and websites bring in profits from advertising. If these assets are not put into estate planning documents, someone's heirs may not keep control of them or benefit from them. Additionally, there are digital assets that have important emotional value. Many people now store family photos and videos on their computer or a website, so it is important to address how to access these files during estate planning.

Some people living in Nevada do not have a will, living trust or any other documents to help their family and friends distribute their assets when they pass. Additionally, many of these people have not told those close to them if they want to be an organ donor or how they would like their funeral taken care of. Despite the natural reluctance to think about death, estate planning is important because it can help ensure that a person's wishes are followed after they pass away.

In addition to drawing up estate planning documents, individuals should be sure that this paperwork is protected and that family members know where to find it. If a person has a complete set of estate planning documents, it does little good if no one knows where they are. Additionally, protecting these documents is essential, and two good options are to invest in a fireproof safe or rent a safe deposit box.

It is important for elderly residents of Nevada to have certain documents prepared and let family members know where they are should something happen to them. These estate planning documents will make it easier for an individual's family to follow their wishes and understand what they are. Outside of having a will, people should also have a health care proxy and a living will drawn up.

A health care proxy assigns an individual who is 18 years or older who will make medical decisions about someone when they are no longer able to do so for themselves. The proxy will only be able to take over when someone's doctor puts into writing that they are no longer able to make choices for themselves. Individuals who are assigned as a proxy can be limited by having a list of medical treatments that someone would and would not be willing to undergo.