Mistakes to avoid when planning your estate in Nevada

What to consider when planning your estate in Nevada

When creating an estate plan, it is important to consider all of your assets and liabilities. You will need to review your financial situation and make a list of all of your property, both tangible and intangible. You should also make a list of your loved ones and designate who you want to inherit your property after you die.

Another important consideration is your health. If you become incapacitated, who will make decisions for you? Will you have a healthcare power of attorney in place? This document gives someone the authority to make medical decisions on your behalf if you are unable to do so yourself.

Finally, you will need to choose the appropriate estate planning documents. The most common documents are a will, healthcare power of attorney, and durable power of attorney. However, you may also need a trust or a living will depending on your situation. Make sure to consult with an estate planning professional to ensure that you have the right documents in place.

Mistakes to Avoid

When planning your estate, there are a few common mistakes that you should avoid. Here are some of the most important ones:

- Not having a plan at all. This is by far the biggest mistake you can make. If something happens and you don't have a plan in place, your loved ones will have to go through the probate process, which can be costly and time-consuming.

- Not updating your estate plan. Your life circumstances may change over time, so it's important to update your estate plan accordingly. For example, if you get married or divorced, have children or grandchildren, or change your mind about who you want to inherit your assets, you'll need to update your will or trust.

- Not appointing an executor. An executor is responsible for carrying out the terms of your estate plan. If you don't appoint one, the court will appoint someone to take on this role.

- Failing to name beneficiaries. If you don't name beneficiaries for your assets, they will go to your heirs according to state law. This can result in a lot of confusion and conflict.

- Not considering federal estate taxes. Nevada as a state does not have estate tax, but federally all estates worth over $12.06M are subject to the federal estate tax.

Planning your estate can be a daunting task. But with the help of an experienced estate planning professional, it doesn’t have to be. Avoid making these common mistakes when creating your will or trust.

If you need assistance in getting started, contact our team today for a free consultation. We would be happy to help you put together a plan that meets your unique needs and protects your loved ones.