What is the Estate Planning Process in Nevada?

Most of us don’t enjoy thinking about the estate planning process. Yet, it is something that each of us needs to do. None of us knows when our last day will be or if we can make coherent decisions until that day.

The sooner you can go through the estate planning process in Nevada, the better!

What is the Estate Planning Process in Nevada

How to Start the Estate Planning Process

This process doesn’t have to be intimidating. At Rosenblum Allen, we are ready to walk you through each step and make it as seamless as possible.

Let’s touch on each item that you will need to consider.

Choose a Healthcare Agent

Your healthcare agent is the person you choose to make all the medical decisions if you cannot. You are putting your life into this person’s hands, so it needs to be someone you fully trust.

You will need to fill out a Medical Power of Attorney Document. This document will establish this person as your healthcare agent. 

This document will also allow you to spell out what your wishes are. This way, your healthcare agent can make your best decisions.

You must sign the form before two witnesses or notary public to make it legally binding.

Choose a Financial Agent

Your financial agent is the person who will be in charge of making all your financial decisions. This factor is essential in case you are unable to. 

Choosing your spouse or a close relative as your financial agent is common. You will need to trust this person with all your finances thoroughly.

As with the healthcare agent, you must fill out a form and have it signed before a notary public. This form gives your chosen person authority as your financial agent.

In this case, the proper form is the Durable Power of Attorney.

The medical and financial estate planning documents can be binding immediately, or you can make them effective if you are in a position where you are unable to make your own decisions.

Choose Your Beneficiaries

You can do this step alongside the next one. As you think about your assets, decide who your beneficiaries will be. Who do you want to receive your assets when you pass? These assets include anything you own – property, savings, retirement funds, etc.

Make a List of Your Assets

It would be best to comprehensively list your assets, liabilities, and debts. 

Next to each asset, you need to list who will receive it when you pass. Make sure to be thorough so that there is nothing unspoken.

Create Your Will or Living Trust

You must decide between a Revocable Living Trust and a Last Will and Testament. One of them will better suit your specific needs. If you are unsure, we can help you decide!

Revocable Living Trust

This trust is more than just instructions on what you want to happen. It is specific about how to transfer your estate. 

You will put your assets into a trust. This way, they will not go through the probate process before being given to your beneficiaries. 

There may be assets that do not go into this trust. You will need to account for them in a Last Will and Testament. This step ensures that they will go to the proper beneficiaries. 

The Revocable Living Trust will need to be signed before a notary public to be binding.

Last Will and Testament

This document is guidelines for who will get what in your estate. It also deals with debts, taxes, and liabilities. It will assign guardians to any children you have.

The probate court will verify this document after you pass away. They will do this before any assets go anywhere. 

It must be signed before two witnesses to be legally binding.

Further Reading

Molly Rosenblum, Esq., our distinguished lead attorney, extends her expertise beyond the courtroom through the creation of comprehensive resources aimed at guiding you through the complexities of estate planning. These resources, thoughtfully curated and accessible on the Rosenblum Law website, are designed to provide valuable insights and practical advice, helping you navigate the estate planning process with confidence and ease. Here’s a brief overview of these invaluable resources:

  1. Las Vegas Estate Planning Attorney: Discover expert legal guidance and insights into estate planning, ensuring your assets are managed and distributed according to your wishes. Explore here.

  2. Las Vegas Trust Attorney: Gain specialized knowledge on trust creation and administration, a crucial component in safeguarding your assets and ensuring your legacy. Learn more.

  3. Tips On Estate Planning: Access essential tips and strategies, making your estate planning process both thorough and effective. Read the tips.

  4. Estate Planning Checklist: Utilize a comprehensive checklist to ensure all critical aspects of your estate planning are addressed and nothing is overlooked. Check your list.

  5. Making a Will: Understand the significance of a will in your estate planning and learn the steps to create a will that accurately reflects your final wishes. Start making your will.

  6. Estate Planning Services: Explore a range of estate planning services tailored to meet your specific needs and goals, ensuring a personalized approach to your estate planning. View services.

  7. Estate Planning Mistakes: Learn about common pitfalls in estate planning and how to avoid them, ensuring a smooth and successful estate planning process. Learn what to avoid.

  8. Estate Planning Probate: Gain insights into the probate process and understand how comprehensive estate planning can simplify or even circumvent this complex procedure. Understand estate planning probate.

With these resources, Molly Rosenblum, Esq. aims to empower you with the knowledge and tools necessary for meticulous and informed estate planning. We encourage you to utilize these resources, ensuring that your estate planning process is as comprehensive and informed as possible.

Frequently Asked Questions

How do I choose a healthcare agent for my estate plan?

Your healthcare agent is someone you trust to make medical decisions on your behalf if you cannot. It’s crucial to select someone reliable and trustworthy. We can guide you through the process of appointing a healthcare agent and ensure your wishes are clearly outlined.

What steps do I need to take to choose a financial agent?

Your financial agent will manage your finances if you become incapacitated. We’ll help you select a suitable person for this role and assist you in completing the necessary paperwork to appoint them as your financial agent.

How can I ensure my assets are distributed according to my wishes?

Identifying your beneficiaries and listing your assets comprehensively is essential. We’ll work with you to create a clear plan for asset distribution, ensuring your wishes are documented and legally binding.

What are the differences between a Revocable Living Trust and a Last Will and Testament?

Both documents serve to outline your wishes for asset distribution, but they have distinct differences. We’ll explain the pros and cons of each option and help you choose the best one based on your specific circumstances.

How can I access additional resources to support my estate planning process?

We offer a range of comprehensive resources, including articles, checklists, and expert insights, to guide you through every step of the estate planning journey. Explore our website for valuable information and tips tailored to your needs.

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Offsite Resources You May Find Helpful

Here are seven offsite resources that provide information about estate planning, specifically as it pertains to the laws and processes in Nevada:

  1. Nevada State Bar: This is the official site of the Nevada State Bar, which provides resources about various legal topics, including estate planning, for both lawyers and the public.

  2. Nolo: This site provides a wealth of legal information for consumers and small businesses, including an extensive section on estate planning.

  3. LegalZoom: This online legal technology company provides legal information and services to consumers and small businesses, including estate planning services.

  4. American Bar Association: The ABA provides resources on a variety of legal topics, including estate planning.

  5. Investopedia: This is a comprehensive resource for personal finance and investing, which includes an extensive section on estate planning.

  6. FindLaw: This online resource provides free legal information and a directory of lawyers, including a section dedicated to estate planning.

  7. Rocket Lawyer: This online legal services company provides information and resources on estate planning, including a free legal document builder and access to attorneys.

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What's Next?

If you’re in Vegas and looking for a top-tier Las Vegas planning lawyer, look no further than The Rosenblum Allen Law Firm.

Our team of experienced attorneys is committed to providing Las Vegas residents with the best legal advice possible.

We understand that leaving an inheritance is more than just paperwork – it’s about protecting your family’s future.

With decades of experience, we know how to ensure everything is done correctly and legally so you can have peace of mind knowing that your loved ones will be cared for after you’re gone.

So don’t wait any longer – hire The Rosenblum Allen Law Firm today!

Call us at (702) 433-2889, and let us help protect your family’s future.

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