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_-1

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 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 probate 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.

We Can Help You with Your Estate Planning in Nevada!

Our team of legal professionals is here to help you with the entire estate planning process.

We specialize in criminal law, family law, and personal injury cases. We pride ourselves on providing the highest level of service for our clients. 

We are here to help you! If you are starting from scratch with your estate planning, we can help. Or if you only need some documents updated, we can help with that too! Get in touch today!