Wills
Generally, this document allows one to leave their property to their next of kin upon their
death. It also allows one leave instructions as to their wishes on who will be guardian of
their minor children (with court approval). It is a good idea for people with even minimal
assets to have a will prepared, as otherwise their property will be distributed pursuant to
an “intestate probate” process with guidelines set by the state on who will inherit your
property. Additionally, other decisions such as who will be guardian of your children
will be left to parties appointed by the court. Wills are fairly inexpensive to draft, but
upon your death your executor/executrix will need to set up a probate through the probate
court to carry out your wishes in your will.
Living Trusts
This document allows you to leave your property to your next of kin, and avoid probate.
There are many advantages to setting up a living trust to accomplish your wishes upon
your death. If you have a house, and savings you may want to consider a living trust.
Although a living trust will be more costly to draft the document, it will save your heirs
by avoiding the probate process. The living trust allows you to avoid the probate process,
in most cases. It is especially useful for individuals or married couples that own real
property in two different states. There are a number of other benefits of a living will that
can be gone over in office.
Durable Power of Attorney for Health Care-
This document allows you to appoint another person to make emergency health care
decisions on your behalf if you become incapacitated. It is an essential component of
one’s estate plan and is a necessary document to complete when doing a Will or Living
Trust.
Durable Power of Attorney for Finances-
This document allows you to appoint another person to make emergency financial
transactions on your behalf if you become incapacitated. This power of attorney can be
used for basic financial transactions when you become incapacitated, or die. Larger
financial transactions will require a court order, or another basis to complete. This also is
an essential component of one’s estate plan, and is a necessary document to complete
when doing a Will or Living Trust.
If you have any further questions, please feel free to discuss them with our estate planning lawyer in Reno Nevada.
