Patricia A. Trent Trusts and Estates Law Blog on Lawyers.com

Why Estate Planning is Right for You

Wednesday, October 19, 2011 by Patricia A. Trent

Estate plans are not just for the wealthy. Regardless of your income level, a thoughtful plan helps in the following ways:

Provides for your spouse, children, or dependent relatives
Structures your assets with consideration for tax and other consequences
Allows for timely disposition of income, pensions, and other benefits
Records your health care and other directives

Few people want to think about last wishes, or how to handle the physical decline that inevitably accompanies old age. But just as planning for a vacation or a wedding helps increase enjoyment and reduce stress, so Las Vegas estate planning can make life better today.

Document checklist

Probate procedure in Clark County is complicated. Without a will, distribution of your estate will follow Nevada law. Properly drafted Las Vegas estate planning documents protect assets needed to support loved ones, and give clear direction to your survivors. Basic estate planning documents include the following:

Living will. Provides direction to health care providers and family concerning your wishes about receiving life-sustaining treatment if you are terminally ill or unable to communicate. This directive can include your wishes about an order not to resuscitate.
Durable power of attorney for health care decisions. Names a proxy authorized to make medical and end-of-life decisions on your behalf.
Financial power of attorney. Designates an advocate to make financial and guardianship decisions for you.
Will. Gives direction concerning assets, gifts, guardianship of dependents, and designation of a representative to carry out your estate plan.
Trust. A legal agreement that transfers and manages assets to be enjoyed during your lifetime, and efficiently and economically distributes those assets upon your death.

Contact us

Taking care of yourself, your family, and your friends means planning beyond this week or this year. Estate planning enables you to protect those you love. Contact an experienced Las Vegas estate planning attorney at Trent, Tyrell & Associates today.

Trent, Tyrell & Associates
11920 Southern Highlands Parkway #200
Las Vegas, NV 89141-3272
(702) 382-2210

Posted at 03:55 AM

Topic: Trusts and Estates