Battlefront Legal - Why You Need An Estate Plan

Paper reading last will and testament next to eyeglasses and a pen

Now that you've worked hard to accumulate your wealth, what happens when you die? Without an estate plan in place, the government will make important decisions about your finances and property.

That may not align with what you wanted or desired when alive and healthy. You may want your children to inherit your money after taxes have been paid, or you may want to give your wealth to charity instead of to your spouse.

An estate plan can help ensure that your wealth goes where you want it to go, not where the government thinks it should. Battlefront Legal can help you with this process. They operate in Las Vegas and Reno.

Tips To Leave Your Family Wealthier Than You Found It

If you have accumulated a lot of wealth, it's essential to ensure that your family receives your assets and inheritance. To do so, you need an estate plan.

Most estate plans include several documents (such as wills and trusts), each designed to serve a different purpose: To define who will serve as personal representatives: Your representatives are in charge of making sure your final wishes are carried out after you pass away.

They handle all aspects of wrapping up your affairs, including closing out any outstanding accounts or debts, distributing property and money to beneficiaries and filing tax returns on behalf of your estate.

Wills

A will is a legal document that states who gets your money and property when you die. It also includes provisions for who will take care of your children if both parents are gone.

Battlefront Law Office, LLC has a strong understanding of what estate planning documents are required for proper distribution.

We can help you with: Power of Attorney: This legally allows someone to make crucial decisions for you when you cannot do so independently.

Living Will: A living will helps guide your family by stating your wishes regarding life-saving procedures. Health Care Proxy (Advance Directive): This establishes who makes health-care decisions if you cannot communicate them personally due to an injury or illness.

Planning For The Future

There are many moving parts and details to consider when it comes to your estate.

A strong estate plan can protect you if something happens that prevents you from making decisions on your behalf; it's also an excellent way to avoid nasty disputes between family members who might not be on speaking terms with each other.

Even if you aren't concerned about the future, having an estate plan puts all of your wishes in writing and is one less thing for loved ones to worry about when you're gone.

It would be best to have an attorney who understands how important it is for you to battle while keeping costs low.

Advance Directives

If you're looking to secure your financial future and make sure that your hard-earned assets go where you want them to, then it's a good idea to draft advance directives.

Advance directives dictate what happens with your money when you die; they designate personal representatives who handle your affairs after death and inform family members about how to access bank accounts, credit cards and other financial instruments.

Most importantly, however, advance directives give your estate legal power—and if probate lawyers have their way, they will prevent families from getting tied up in a potentially costly battle.

Personal Representatives

If you don't have a will (or another estate plan), or your existing estate plan is outdated, you need to appoint a personal representative.

As personal representatives, they are responsible for carrying out your wishes regarding the distribution of assets after death. If you do not choose a personal representative and there is no valid will, state law determines who can serve as a personal representative.

That might be one person or more than one person. Different states use different rules to decide which persons can act as legal representatives.

Failing To Plan Is Planning To Fail

A Healthy Will Helps Protect Your Wealth: It's unfortunate, but many American families don't plan for their financial future because they assume it will never happen to them.

They figure that things are going too well to think about what happens when you pass on. If you don't have a will, however, your family can be at risk of losing everything that was legally yours—right down to your barbeque grill and personal photos.

Leaving no instruction manual behind can lead to serious legal disputes between family members and loved ones over who gets what.

So whether you just got married or bought a new house, or even had a child last year, be sure to take time out of your day to day and do something productive: Make a will!