Planning for the future after we are gone can be a scary and overwhelming thought. Estate planning probate is important to your family nonetheless.
How will you care for your loved ones after you are gone? How can you make sure that your final wishes get carried out?
One thing we can do to make this aspect more manageable for those we leave behind is to have an estate plan. This allows you to determine how your assets will get taken care of after your death.
Probate is the process of settling an estate, and it can be a lengthy and costly process. The probate process can take anywhere from 6 months to 3 years. There are also filing fees and court costs to consider as well.
You can shorten this process with careful planning by creating an estate. But, sloppy estate plans can end up creating more problems for you.
Disputes over assets can lead to legal battles amongst family and friends. Damaged relationships are the result.
Having an experienced probate attorney can help guide you through this complicated process.
You want a competent attorney who can help walk you through the process.
You want peace of mind that your loved ones will get cared for after you’re gone.
If you live in the Las Vegas, Nevada area and need a probate attorney, the Rosenblum Allen Law Firm team can help.
Why You Should Have an Estate Plan
Having an estate plan will help to not only divide up your assets but ease financial burdens of your loved ones.
Estate planning helps determine who will get the estate and to what extent. It also protects the estate from excessive tax penalties. You can also make important decisions on your care if can no longer care for yourself.
Illnesses or accidents can shut down a person, and estate planning can help you think ahead. If can also express your desires for funeral arrangements and set aside funds for the cost. This fact eases the stress and burden from your family.
If you have minor children, estate planning can also help to plan for their future and care. You can assign legal guardians that will look after their well-being.
Having a clear estate plan can help you and your family in the event of death.
Estate Planning Tools
There are several elements in creating a successful estate plan. These tools can help you to maximize the health of your estate.
Yet some factors need to get considered when determining which tools to use. These include:
The Will
This is the most common form of estate planning. You will want a detailed list of your assets. The person in question puts in writing their wishes to:
The will must get put through the probate process. This can be lengthy and costly, so beneficiaries may not get the total amount they were expecting.
If you do not have a will, the estate will get distributed based on state intestacy laws. In this system, assets get divided into spouses, children, parents, and siblings.
The Trust
Trust is one way to avoid the probate process to provide for your beneficiaries. A trust fund can get created either during the individual’s life or upon their death.
A trustee will distribute property and funds per the terms of the trust.
Health Care Directives
Living Wills allow you to express your wishes for medical care if stop being able to care for yourself.
This also appoints a person as your medical power of attorney to make medical decisions.
Financial Power of Attorney
A financial power of attorney handles a person’s financial decisions when incapacitated.
You can appoint a friend, family member, or trusted professional to be your power of attorney.
These planning tools can get complicated but are worth utilizing. You also need to complete everything right to avoid conflicts leading to disputes.
The Rosenblum Law Firm team can help you navigate each of these tools the right way. We can help to create these plans for you.
Saving Money on a Small Estate
As we have mentioned earlier, there are fees and court costs that go into the probate process. Your beneficiaries may also get required to pay taxes on any assets they receive.
The good news is, you can avoid some probate costs if you qualify as a small estate.
To see if you qualify for small estate status in Nevada, contact Rosenblum Law Firm. Our probate law team can help you to determine the best avenue to handle your estate planning.
Give You and Your Loved One’s Peace of Mind
Estate planning can be a daunting task.
Getting an estate plan can ease some of that stress. You can have peace of mind knowing that those you love will get taken care of when you are gone.
The Rosenblum Allen Law Firm is here to help you and your estate planning needs. Let us put our legal expertise to work for you to help navigate the probate process.
