The Necessity of Proper Estate Planning in Reno, NV

by | Dec 16, 2016 | Lawyers

People often think that they need to be one of the wealthier individuals in the Reno, Nevada area to worry about planning their estate. The fact is that unless a person has little to no assets whatsoever, proper estate planning is always a good idea. This is especially true if the decedent is leaving behind people that they supported when they were alive. Fortunately, with the help of an attorney, Proper Estate Planning in Reno NV can be done easily and affordably.

One of the first things that needs to be done is that a person needs to have a last will and testament. This will determine how a person’s assets or perhaps proceeds from a life insurance policy are to be disseminated. This will needs to be drafted pursuant to Nevada state law and it needs to be updated regularly if there are any changes. In addition, there are certain administrative issues that need to be taken care of. For example, if a person were to become incapacitated and not able to handle their personal affairs, they would need to designate someone to have power of attorney. These are the people that can make medical and financial decisions in their stead.

Lastly, good estate planning means designating a representative for the estate. After a person passes away, unless they have taken appropriate steps to avoid probate, such as developing a living trust, a person’s estate will have to go through probate. During probate, the estate will have to have a representative to handle all the details. Naming a representative ahead of time, as well as ensuring that their representative has the legal counsel of a probate attorney, is solid estate planning. This will make things go easier after a person has passed away.

It doesn’t require large sums of money to do estate planning. If a person is planning to leave any sort of assets or money to family members or their spouse, having their estate in order is essential. Fortunately, Estate Planning in Reno NV doesn’t have to be difficult. If you want to know more about what estate planning is, and how you can get things started, you may want to Visit the Site for more information.

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