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Planning estates to protect families and ethics

When Nevada residents are thinking about the estate planning process, they may want to create documents that can deal with their financial assets and who they should be distributed to. Some people also want to pass on their values to benefit future generations of their family as well. There are documents for each of these purposes.

An estate plan may be helpful to protect families and to make certain that the assets are passed as intended. They are recommended for people with both small and large estates. In order to pass on a financial legacy, people will want to have three main documents. Wills state how people want to distribute their assets and can also be used to name guardians for children who are minors.

A financial power of attorney is also a good idea. It allows a person to be designated to take care of the financial affairs in the event of incapacity. An advanced health care directive can be used to control the kinds of medical care that a person is willing to receive while also delegating a trusted individual who can make medical decisions. In order to pass on values, people can also create ethical wills in which they state their values and what they would like to see happen for their families.

Another type of estate planning documents that attorneys often suggest to their clients is a trust. These can accomplish a variety of objectives. In addition to avoiding a lengthy probate process, a trust can be useful for a person who is concerned that an heir would squander a lump-sum inheritance received under a will. In contrast, a trust can be structured to so that distributions are made at intervals that are based on age or upon the achievement of certain specified milestones.

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