Everyone has an estate comprised of all the items that you own which include your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and personal possessions. Unfortunately, you will not be able to take your assets with you when you die so it is important to plan for the inevitable in advance.
To ensure your wishes are carried out, you will need to provide instructions regarding who you want to receive something of yours, what you want them to receive, and when they are to receive it. Of course, you want to minimize the tax consequences, legal fees and court costs for those receiving under the plan. Now, you understand why estate planning is so important. However, good estate planning allows you to do the following:
Includes specific instructions for passing your values (religion, education, hard work, and other requirements) to beneficiaries in addition to passing your valuables.
Estate Planning is not just for “retired” people. One cannot predict the length of life. Illness and accidents happen to people of all ages which is why Estate Planning is so important.
Estate planning is not just for “the wealthy.” If you have a house, retirement, vehicles and other valuable assets, then you likely need Estate Planning. If you don’t have an estate plan, then your estate will be distributed according to Nevada probate law. It is likely that this distribution would not entail the same choices that you would have made. Estate Planning is a way to protect everything that you have worked so hard for and to make sure it is distributed in accordance with your wishes.