Essential Tips on Estate Planning

Man circling the words "Estate Planning" in red pen.

Why is estate planning necessary?

A comprehensive estate plan is necessary to ensure that your money will pass down to the next generation. Estate planning helps you manage your assets, prepare for incapacity if you become unable to do so, and safeguard the interests of those you love.

What tips on estate planning do you need to know?

  • Team assembling

Estate planning in Las Vegas and Reno requires you to have a team by your side. So, your team should consist of a tax professional, a financial advisor, and an estate planning attorney. With such a team, you stand a chance of mapping out a completely customized estate plan. Each party has a vital role to play. There should be as little confusion as possible when it comes to the distribution of your assets.

  • Set up Guardianship for dependents.

As part of your estate plan, you will need to designate a guardian for any dependents, such as a minor or someone with special needs. Obtain the go-ahead from your guardian ahead of time to avoid any misunderstandings. But keep in mind that they do not have to be the person in charge of the money you leave for your child's future. In addition, naming a married couple as co-guardians could be problematic if the couple later divorces. Our team at Battlefront Legal will advise you on dealing with this situation.

  • Probate

Probate is the legal procedure that follows a person's demise. In simple terms, probate is the process of verifying your will through a judicial system. It can take a long time and cost a lot of money, and it's usually not private. The probate process may not be necessary for your assets, which is good news. Consult with Battlefront Legal lawyers for probate specifics concerning your estate planning in Las Vegas and Reno.

  • Keep in mind the importance of digital assets.

Many of us keep our most precious photos and important documents on cloud storage services like Dropbox or Google Drive that only we have access to. Unfortunately, service providers are frequently unwilling, and few laws exist to assist in disclosing a deceased person's passwords.

What are your options? In your will, indicate a "digital fiduciary." Digital information, such as usernames and passwords would be accessible to that person under the terms of this agreement. Also, you can consult with Battlefront Legal, and our U.S. Veteran attorney on estate planning in Las Vegas and Reno will help solve the issues with your online presence.

  • Wills

For validity, a will must pass through the authentication process. In most cases, simply writing down your final wishes does not constitute a legally binding will. Battlefront Legal can assist you in ensuring you meet all legal requirements when completing and finalizing your estate plans.

  • Ensure that your beneficiaries are current.

You should be aware of one potential loophole in your estate plan. If you have designated beneficiaries for your bank accounts, they will receive the money, even if your will states otherwise. Payable-on-death or transfer-on-death accounts like401(k)s and IRAs are also included. Your beneficiary designations should always be consistent with your overall estate plan.

How can Battlefront Legal help you with estate planning?

Battlefront Legal will work tirelessly to meet your wishes. To provide you with the results and peace of mind you deserve, we have a comprehensive understanding of a wide range of estate planning instruments. Our lawyer on estate planning in Las Vegas and Reno is prepared to go to war for you.



Categories: 
Related Posts
  • Estate Planning in Las Vegas, Reno Read More