Most people assume that having a will is all they need to make sure their estate is in order. However, creating an estate plan that will fully protect your property and assets is a much more complicated process. In addition to a will, you need to account for medical decisions that will need to be made if you are ever incapacitated, as well as avoid probate and plan for estate taxes that your loved ones will have to deal with when you are gone. Below, we explain when you should start planning for your estate.
When to Start Your Planning
There is no ideal time to start planning for your estate, but the sooner you get started, the better off you will be. By starting your estate planning early in life, you can better prepare for the many things that will need to be included. The most important thing to remember is that your estate plan must be completed while you have the capacity to make legal decisions and enter into contracts. Without a strong estate plan, your affairs might end up being handled by someone you do not trust.
What Should I Include in My Estate Plan?
Your estate plan should include:
- Health care and end of life decisions
- An executor to oversee your property and handle your affairs
- A will
- A trust
- Powers of attorney
Important assets to account for in your estate plan include:
- Your home
- Your business
- Other properties you own
- Life insurance policies
- Retirement accounts
Speak to a Reno Estate Planning Lawyer Today
Do you need help planning for your estate? If so, you should immediately consult with our legal team to discuss what we can do for you. Our lawyers have more than 100 years of combined experience, and we have the resources and skills that you need to protect your future. Let us review your case today.
Contact our estate planning attorneys in Reno to schedule an appointment with our legal team.