The needs and objectives of people will change with each life cycle and milestone. A single individual starting a new job will have different goals from a married business owner. Each time a significant change in your life occurs, you must update your estate plan to align with your objectives.
When people think of estate planning, the first thing that usually comes to mind is a will that meets the minimum legal requirements. For an estate plan to be effective, the minimum legal requirements will not be enough. You must identify your goals and priorities to be able to customize an estate plan that meets all your needs.
How can your estate plan help you with your goals?
No matter what stage you are at in life, you want to protect your loved ones by eliminating the potential for conflict and unnecessary financial burdens. At the same time, you want to protect yourself by planning for incapacity and your desired medical care. Your estate plan can help you do that through the following:
- Creating a will and making sure it addresses every significant matter in your life
- Establishing a living trust and appointing a successor trustee to manage it
- Appointing a guardian for yourself in case of incapacity
- Appointing a guardian for your children in case of incapacity or death
- Declaring your advance medical directives
- Making beneficiary designations for automatic and direct transfers upon death
In Nevada, you can also have transfer-on-death (TOD) deeds for real estate and vehicles. By incorporating different estate planning instruments, you can provide for your family and reduce disputes over assets and medical decisions. They can also allow you to protect your loved ones from probate.