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.
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.