Wills are legal documents that outline your final wishes regarding the distribution of your assets and property.

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How to Choose the Initial Trustee of Your Trust

When establishing a trust, nominating a trustee is a crucial step. If you’re creating a revocable living trust, you will likely be the initial trustee. Additionally, it’s essential to name successor or backup trustees who can manage the trust’s affairs if you are unable to do so.

The trustee is responsible for managing the trust’s accounts and property, which includes:

  • Collecting income
  • Paying bills and taxes
  • Making investment decisions
  • Buying and selling property
  • Distributing funds to you and your beneficiaries according to the trust’s instructions
  • Keeping accurate records and ensuring everything is organized

Who Can Be Your Initial Trustee?

If you have a revocable living trust, you can serve as your own trustee. If you are married, your spouse can act as a co-trustee. This arrangement allows either spouse to manage financial affairs without interruption if the other cannot. Many married couples opt to serve as co-trustees, particularly if they have shared accounts and property.

However, you are not required to be your own trustee. Some individuals choose to appoint an adult child, trusted friend, or relative. Others prefer a professional or corporate trustee, such as a bank trust department or trust company, for their experience and investment expertise.

Nominating someone else as trustee or co-trustee does not mean you lose control. The trustee must follow the instructions outlined in your trust and may need to report back to you. You can also replace your trustee if needed.

When to Consider a Professional or Corporate Trustee

A professional or corporate trustee may be valuable in several situations. If you are elderly, widowed, or in declining health with no children or trusted relatives nearby, a professional trustee can provide peace of mind that your affairs are being handled appropriately. Alternatively, you may simply prefer not to manage investments yourself, regardless of your age or health status.

Certain irrevocable trusts may prohibit you from acting as a trustee due to tax law restrictions. In these cases, a professional or corporate trustee may be the best choice, as they have the expertise and resources to manage your trust effectively and help you meet your investment goals.

What You Need to Know About Fees

Professional or corporate trustees typically charge a fee based on the value of the trust’s accounts and property. While these fees can be significant, they may be worthwhile given the trustee’s experience, the quality of services provided, and the potential investment returns they can generate.

Actions to consider: 

  • Evaluate Your Ability: Honestly assess whether you are the best choice to be your own trustee. Someone else may manage your investments more effectively. If you choose to be the trustee, consider hiring financial advisors to assist you.
  • Consider a Co-Trustee: Nominating someone as a co-trustee can help them learn about your trust and its management while allowing you to evaluate their capabilities.
  • Evaluate Candidates Realistically: When selecting a trustee, be cautious. Financial management skills do not necessarily correlate with birth order or family dynamics.
  • Research Professional Trustees: If considering a professional or corporate trustee, interview several candidates to compare their services, investment returns, and fees.

Get the Support You Need

We can help you select, educate, and advise your successor trustees, ensuring they know how to fulfill your wishes. Give Williams Starbuck a call today!

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Don’t Wait to Name a Guardian for Your Minor Children

Choosing a guardian for your child is an emotional and challenging task, but it’s one of the most important decisions you’ll make as a parent. Without a designated guardian, a judge—unfamiliar with your family and values—will decide who raises your child if the unexpected happens. This could lead to placement with a distant relative or even a stranger, a scenario no parent wants.

Why Naming a Guardian is Essential

While the chances of both parents facing a tragic event may seem low, the consequences of failing to name a guardian can be severe. If no guardian is specified in your will or legal documents, the court will intervene and choose a guardian based on its own criteria. Family disputes often arise, especially when money is involved. Naming a guardian proactively ensures your wishes are honored and your children are cared for by someone you trust.

How to Choose the Right Guardian

Selecting a guardian for your minor children requires careful thought. Here are several key factors to consider:

  • Relationship with the Children: Consider how well your children know and connect with the potential guardian. A familiar and loving relationship can ease the transition during a difficult time.
  • Parenting Style and Values: Look for alignment in parenting philosophies, moral values, educational approaches, and health practices. This helps ensure your children are raised in an environment consistent with your beliefs.
  • Location: The guardian’s proximity matters. A distant location could require your children to change schools and leave behind their friends and familiar surroundings, making an already tough situation even harder.
  • Age and Health:
    • Older guardians may have the experience but might lack the energy to keep up with young children.
    • Younger guardians, like siblings, may be preoccupied with their own life challenges and goals, which could impact their ability to parent effectively.

Reminder: Discuss your expectations with potential guardians and confirm they are willing to take on this important responsibility. It’s also wise to name at least two alternate guardians in case your first choice becomes unavailable.

Financial Considerations: Who Will Manage the Funds?

Raising children should not become a financial burden for your chosen guardian. While their financial situation shouldn’t be the sole reason for your selection, it’s essential to ensure that sufficient resources are available to support your children. You may want to consider setting aside funds through life insurance or other assets to assist your guardian with necessary adjustments, such as acquiring a larger home or vehicle.

Let’s Continue the Conversation 

We recognize that thinking about your potential absence from your children’s lives is not easy. However, it’s vital to confront this topic and create a proactive plan that addresses these concerns. Williams Starbuck is here to help you navigate these difficult discussions and ensure your wishes are legally documented. Remember, you can change your designated guardian at any time as your circumstances evolve. Contact our office today to schedule an appointment and begin planning for the future!

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What to Do with Grandma’s Ring: Navigating the Division of Personal Property in an Estate

When a beloved family member passes away, the memories they leave behind often evoke feelings of warmth, nostalgia, and even bittersweet moments. Amidst the emotions, however, there comes the practical challenge of dividing their personal property in their estate, particularly sentimental items like Grandma’s cherished ring. Understanding how to navigate this delicate process can help ease tensions and honor your loved one’s wishes.

Balancing Emotional and Financial Value

Estate planning discussions often center on large assets such as homes, cars, and financial accounts. Yet, smaller personal items in an estate can carry significant weight—both emotionally and financially. Heirlooms like Grandma’s ring, a cherished watch, or a treasured piece of furniture may hold deep sentimental value, sometimes even surpassing their monetary worth. When an estate plan doesn’t clearly account for such items, disputes can arise, straining relationships and complicating the probate process.

Deciphering Residuary Clauses: Understanding the Fine Print

Many wills and trusts distribute personal property through a residuary clause, which directs how to handle remaining assets after specific bequests are fulfilled. If a single beneficiary inherits the residuary estate, the process is straightforward. However, when multiple beneficiaries are involved, the division becomes more complex. Differing perspectives on the sentimental value or monetary worth of certain items can lead to disagreements.

Resolving Conflicts Among Beneficiaries

When several family members have their eyes on the same keepsake, open communication becomes essential. Resolving conflicts may involve:

  • Negotiating Trades: Beneficiaries may agree to swap items of comparable sentimental or financial value.
  • Selling and Splitting the Proceeds: If no resolution is reached, selling the item and dividing the proceeds evenly can serve as a fair compromise.
  • Drawing Straws or Random Selection: As a last resort, beneficiaries can use this method when all other options have been exhausted.

If disputes persist, the executor or trustee overseeing the estate may step in to mediate and help facilitate an agreement.

The Importance of a Comprehensive Estate Plan

The best way to avoid conflicts over personal property is to have a thorough estate plan that clearly outlines your intentions. Proactively discussing your wishes with loved ones and considering gifting certain items during your lifetime can prevent future misunderstandings. Providing clear instructions for sentimental possessions ensures family heirlooms are passed down as intended, preserving harmony.

Seek Professional Guidance for a Smooth Process

Dividing personal property in an estate, particularly sentimental items, requires careful planning, clear communication, and often legal expertise. To navigate this process smoothly and honor your loved one’s wishes, consider seeking guidance from a qualified estate planning attorney. At Williams Starbuck, we specialize in creating comprehensive estate plans and assisting with the administration of estates. Contact Williams Starbuck today to schedule a consultation and learn how we can help you protect your family’s legacy.

The Benefits of a Living Will and How to Create One

A living will is an essential document in your estate plan that ensures that your healthcare wishes are respected and relieves your loved ones from making difficult decisions during stressful times.

Key Benefits of a Living Will

  • Control Over Medical Decisions: A living will allows you to specify medical treatments you do or don’t want, such as life support or resuscitation. This allows your wishes to be followed even if you’re unable to speak.
  • Peace of Mind for Loved Ones: Your loved ones won’t have to make difficult decisions about your care without knowing your preferences.
  • Avoiding Conflicts: A living will helps to prevent disagreements among family members by clearly outlining your medical directives, minimizing potential conflicts during a challenging time.
  • Legal Protection: This document provides legal protection for your medical providers.

Steps to Create a Living Will

  1. Consult with a Legal Professional: A qualified estate planning attorney can guide you through the process to make sure your living will is legally sound and reflects your wishes.
  2. Consider Your Medical Preferences: Think about the types of medical treatments you would or wouldn’t want in various scenarios. This can include decisions about life support, resuscitation, or pain management.
  3. Draft the Document: With the help of your attorney, draft the living will, detailing your preferences. Make sure it’s clear and specific to avoid any ambiguity.
  4. Review and Update Regularly: Life circumstances and preferences can change. Be sure to review and update your living will regularly.

Creating a living will is a crucial step in securing your future healthcare needs. By having one in place, your medical care can align with your values and relieve your loved ones from making difficult decisions on your behalf.

Get Professional Assistance

For guidance on creating a living will, contact Drew Starbuck at Williams Starbuck Attorneys at Law. Call 720-660-9847 to schedule a consultation and take the next step in protecting your healthcare preferences.

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How to Choose the Right Executor for Your Will

Choosing the right executor for your will is one of the most important decisions in estate planning. The executor is responsible for carrying out your last wishes, ensuring your assets are distributed according to your will, and navigating the probate process.

Understanding the Role of an Executor

An executor, sometimes called a personal representative, is legally obligated to act in the best interests of your estate and beneficiaries. They will manage your estate through probate, pay any debts and taxes, and distribute assets to your heirs. Given the significant responsibility, it’s crucial to choose someone capable and trustworthy.

Factors to Consider When Choosing an Executor

  • Trustworthiness and Integrity: Your executor must handle your estate with honesty and care. This role requires a person who can manage finances, understand legal documents, and make decisions without personal bias.
  • Willingness and Availability: Being an executor can be time-consuming and demanding. It’s important to select someone who is not only willing to take on the role but also has the time and energy to manage the process, especially if disputes arise.
  • Familiarity with Your Wishes: Ideally, your executor should be someone who understands your values and intentions. This familiarity can help them make decisions that align with your goals, particularly in complex situations.
  • Professional Executors: In some cases, you may prefer to appoint a professional executor, such as a trust company or an attorney. This can be particularly beneficial for large or complicated estates, as professionals bring experience and neutrality to the process.

Ensuring a Smooth Process

Choosing the right executor is vital to ensuring your estate is handled smoothly and in accordance with your wishes. Take the time to discuss your decision with potential candidates and seek legal advice to make the best choice.

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How To Protect Your Family With Estate Planning And Life Insurance In Las Vegas

It’s no wonder estate planning and life insurance go hand-in-hand. They both protect your family financially in the event of your death. If you don’t have life insurance or haven’t planned for the distribution of your estate, your family could face a lot of expenses and confusion after you’re gone. So here’s how to care for them with estate planning and life insurance in Las Vegas. 

How Estate Planning Protects Your Family

Estate planning involves creating legal documents that declare how to distribute your estate after you die. Most Las Vegas residents use their assets to benefit loved ones posthumously. You might see this as a simple gift to family or friends, but proper estate planning can protect them too. 

First, estate law can get very confusing if you do not have a legal will. The courts will have to follow intestate laws to distribute your estate, and your family may not like the outcome. Many families get into heated and expensive legal battles as a result. By creating a will, you leave no doubt about who gets what. 

A will can also designate caregivers for minor children or pets in the event of your untimely death. You know what’s best for them and deserve a say in their future. If you do not make those plans now, the courts must decide who will care for your children or animals without your input. 

You might also consider creating a trust. A trust does not go through probate like assets in a will do, so your beneficiaries will get the money from the trust sooner. This is vital if you have family members who depend on you financially. They will also avoid the general headache and expenses of the probate process. 

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How Life Insurance Helps Las Vegas Families 

When you work with an estate planning attorney, the question of life insurance will come up. Life insurance is a financial asset. When you die, your insurance provider will pay out the amount on the policy to your named beneficiaries. 

If you do not already have life insurance, your attorney will encourage you to get some. Life insurance in Las Vegas can financially protect your family in several ways: 

  • Unlike assets like a house or retirement account, an insurance policy gives your family fast, liquid cash. 
  • Insurance money does not go through probate, giving your dependents vital funds soon after your death.
  • With readily available insurance money, your family can cover funeral expenses, outstanding debts, and estate taxes without digging into their own pockets.
  • You can use the insurance money to equalize your estate. Suppose one of your beneficiaries wants to keep physical property like your house while others only want the money it is worth. In that case, you can calculate the monetary value of their shares of the house and bequeath that amount from your life insurance and leave the house to the first beneficiary. 

Williams Starbuck Is Here to Help With Life Insurance And Estate Planning In Las Vegas

As you can see, estate planning and life insurance in Las Vegas can get confusing. Work with the experienced attorneys at Williams Starbuck to best protect your family. We focus on your goals for estate planning and guide you through the entire process. Get started today contact us at 1-702-660-9847 or send us a message to request a free consultation. 

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What Are Unmarried Couples’ Rights When One Of Them Dies In Las Vegas?

Wondering about an unmarried couple’s rights when one of them dies in Las Vegas? Here’s what to know and how an estate planning attorney can help.

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What To Know About Estate Planning For Childless Couples In Las Vegas

When most people think about the heirs of an estate, they think of offspring. But what if you never had children? An increasing number of Las Vegas couples face this question when planning for the future. As with all estate planning questions, an experienced attorney can help find the right answers for you. In the meantime, here are some things to know about estate planning for childless couples in Las Vegas. 

You’ll Need To Choose Beneficiaries

Perhaps the first concern during estate planning for childless couples in Las Vegas is choosing your beneficiaries. Most parents will automatically bequeath their estate to their children. People without offspring can simply choose other loved ones to name as beneficiaries. You might choose siblings, nieces, and nephews, other relatives, friends, or charitable organizations. 

Once you decide who will inherit your assets, create a will or trust that names those beneficiaries. If you both die without doing so, your estate will be distributed according to intestate succession laws and may not go to someone you would choose. It’s also a good idea to tell your beneficiaries ahead of time to minimize surprises (and conflict) in the future. 

You Also Need To Name An Agent In Your Power Of Attorney 

Another thing to consider is who to name as attorney-in-fact in your power of attorney. This is the person (or people) whom you entrust with your affairs if you and your spouse become incapacitated. Since you won’t have offspring to automatically take on those responsibilities, choosing this agent becomes even more important. 

You’ll need to ask someone you trust and whom you can reasonably assume will be competent enough to handle the responsibilities dictated by your POA. They should be willing and able to make sound financial, legal, and medical decisions on your behalf when you can no longer do so. When you have someone in mind, speak to them about your desire to make them your agent before asking your attorney to create your POA.

You Should Write Advance Directives For Medical Care

An advance directive is a legal document that gives instructions for your medical care if there comes a time when you can’t make decisions or communicate for yourself. Many people discuss their wishes with adult children, but childless couples will benefit most from creating advance directives that suit their needs. Your estate planning attorney can help you choose what documents are suitable for you: 

  • A medical power of attorney
  • A living will 
  • A do not resuscitate (DNR) order
  • A do not intubate (DNI) order 

These documents will tell medical professionals and your attorney-in-fact your preferences for medical care if you become incapacitated. 

Williams Starbuck Can Help With All Of Your Estate Planning Needs 

Whether you have children or not, the expert attorneys at Williams Starbuck are here to help you with estate planning. We’ll review your options and draw up the documents you need to ensure your wishes are honored. Learn more about our services contact us at 1-702-660-9847 and schedule a free consultation today.

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The Ultimate Guide To Estate Planning in Las Vegas

Proper estate planning protects the people and things that matter most to you. That’s why it is so important but also daunting. So where do you start? An excellent first step is to contact your trusted estate planning attorney. In the meantime, you can learn more about what to expect by reading our guide to estate planning in Las Vegas. 

Who Needs Estate Planning?

This is the easiest question to answer. Every adult needs estate planning to some degree. Estate planning encompasses more than dividing a large estate among family members. It also includes your end-of-life care, what happens to your finances when you pass away, and even who will care for your pets or children if you can’t. Everyone deserves a say in what happens to the legacy they’ve built, and proper estate planning helps Las Vegas residents do that.   

Why Is Estate Planning In Las Vegas Important? 

You’ve spent a lifetime building wealth, loving your family and friends, and enjoying your property. You can protect all of these things after you’re gone with smart estate planning in Las Vegas. Even people with a small estate or few surviving relatives can benefit. No matter your situation, there are many reasons to work on your estate plan sooner than later. With good estate planning, you can 

  • Ensure your wishes concerning your assets are honored after you die. 
  • Prevent confusion and conflict among your family. 
  • Provide for loved ones after you’re gone. 
  • Help your heirs receive their inheritance fast with minimal stress. 
  • Choose who will care for dependents in the case of your untimely death. 
  • Leave a last gift to friends, family, or organizations and causes you support. 
  • Minimize or avoid the inconvenience and expense of the probate process. 
  • Plan for your own care if you become incapacitated.
  • Reduce inheritance taxes. 

How To Get Started On Estate Planning

Now that you know how important estate planning is, where do you start? The first step is to find an experienced attorney who offers estate planning services. Once you have an appointment with an attorney, here are a few more steps that will help you get started on estate planning in Las Vegas: 

  1. Make a complete list of your assets. This includes bank, investment, and retirement accounts, life insurance, and real estate. You should also note how you own these assets (in your sole name or jointly) and where these assets are kept. 
  2. Make a list of your debts. Write down mortgages, car loans, credit card debt, and other debts that may come out of your estate.
  3. Collect relevant documents. Your attorney can tell you exactly what you’ll need, but any legal documents associated with your assets are a good place to start. That includes titles and deeds, beneficiary forms, and proof of financial accounts.
  4. Pick your beneficiaries. Your attorney can advise you on how to legally divide and distribute your estate, but you must decide what family members, friends, and organizations will inherit your assets.
  5. Think about who could be your executor, POA, etc. Wills, trusts, and powers of attorney require someone to act on your behalf when you cannot. Who can you trust to fill those roles?

Why You Should Work With An Estate Planning Attorney

Even if you feel your estate planning will be straightforward, you should work with an attorney. An experienced estate planning attorney can walk you through all your options, spot holes in your plans, and ensure everything is notarized and filed appropriately. They know the latest Nevada estate laws and will answer all your questions better than the internet can. The last thing you want is for your family to lose part of their inheritance or face financial burdens because you made a DIY mistake. 

Common Estate Planning Documents And What They Are

Estate planning in Las Vegas requires a lot of paperwork. But don’t worry. Your attorney will be able to explain everything before you sign. They will also help you decide what legal documents you need to meet your estate planning goals. Not everyone needs the same documents, but here’s a list of some common ones: 

  • Last will and testament: outlines how you want your assets distributed and who you want to care for your dependents upon your death.
  • Living will: explains your wishes for end-of-life care if you become terminally ill and incapacitated.
  • Medical power of attorney: gives an individual you trust authority to make decisions about your medical care if you cannot. Also called a healthcare proxy.
  • Financial power of attorney: gives a person of your choosing the authority to make and execute financial decisions for you when you cannot.
  • Trust: gives a chosen trustee the power to hold assets for the benefit of your named beneficiaries. There are many types of trusts.
  • Beneficiary forms: include forms for IRAs, 401(k) plans, and life insurance that name beneficiaries for these funds upon your death. 

Important Decisions You Should Make During Estate Planning

Your attorney knows what to discuss and advise during estate planning in Las Vegas. But you will make all the crucial decisions. Those include 

  • Who will be your executor, trustee, or power of attorney agent? They must be legally adults and competent, but beyond that, it’s your choice.
  • How to meaningfully divide your estate. You can reduce your loved ones’ stress by naming your heirs and deciding what they get now. 
  • Who to name as beneficiaries on financial policies. Things like your 401(k) and life insurance policy require you to name at least one beneficiary if you haven’t already.
  • Who will care for your dependents? You’ll need to choose someone to care for minor children, handicapped dependents, or pets if you cannot in the future. 
  • How to preserve or end your business. If you own a business, you need a solid plan for how to keep it going, pass it to partners, or close it in case you die unexpectedly. 
  • End-of-life care and life-saving measures. You can make medical decisions per your preferences now in case you become incapacitated at some point.

When And How To Update Your Plans

Estate planning is rarely a one-time project. As your life circumstances change, you will need to update your estate planning documents. You will need to make changes when you 

  • Experience changes in the family. Births, marriages, divorces, and deaths may require changes to your beneficiaries and how you divide your assets. When you have children, you’ll want to choose a caregiver in case of your untimely death. 
  • Have changes in assets. You’ll need to tweak your plans if you acquire or lose valuable assets. Bought a vacation home? Add it to your will. Sold the vacation home? Remove it from your will.
  • Move out of state. State laws differ, so if you’ve moved to or out of Nevada recently, you’ll want to review your estate plans with an attorney in your new area.
  • Have a change of heart about anything. Sometimes feelings change, and you need to update your plans. You might fall out with a beneficiary and decide to remove them from your will. Or, perhaps, you fall in love with a charitable organization and wish to leave it some money. 
  • Need to change trustees or executors. Sometimes things change, and a trusted executor or trustee can no longer fill that role. In this case, choose someone to replace them and have new documents drawn up ASAP. 

To change your estate plans, simply contact your attorney. They will explain your options and help you make the updates you want. They can draw up new documents and remind you of other considerations you might have previously overlooked. 

Start Estate Planning In Las Vegas With The Attorneys Of Williams Starbuck

When you’re ready to start your estate planning, call the experts at Williams Starbuck. Our attorneys are well-versed in estate planning in Las Vegas and will guide you through the process from start to finish and beyond. When we finish, you’ll have a watertight estate plan that protects your family and assets. To request a free consultation and learn more, contact us at 1-702-660-9847 or send us a message below. 

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Why You Need A Power Of Attorney In Las Vegas

A power of attorney protects you and your estate if you cannot make important decisions. But first, you should understand what a power of attorney is and how to get a power of attorney in Las Vegas. We’ll explain it all below, and then you can bring further questions to the estate planning attorneys at Williams Starbuck.

What Is A Power Of Attorney?

Your power of attorney (POA) is a legal document that appoints someone to oversee your affairs if you become incapacitated or unreachable. This agent is your attorney-in-fact and can make financial or medical decisions on your behalf. Your POA spells out the extent of their authority and when it goes into effect, such as immediately upon completion or only if you become incapacitated by illness or age. Your POA expires when you die.

Why You Need A Power Of Attorney In Las Vegas

It can be difficult to imagine a time when you would need a power of attorney in Las Vegas while you’re healthy and of sound mind. But estate planning is essential in all seasons of life. Anyone 18 and older can benefit from creating a POA in several ways.

  • Your family members won’t have to guess what you want when you can’t make vital decisions yourself. With a POA in place, your attorney-in-fact is responsible for making decisions for you within the document’s terms.
  • It can protect your family financially. Your attorney-in-fact can also distribute funds in your name to care for family members, so you and they don’t have to worry about their upkeep.
  • It can protect your attorney-in-fact too. Your family may not always agree with your POA or attorney-in-fact. But as long as they act in accordance with your POA and your best interests, your agent won’t suffer from claims of financial abuse.
  • You’ll have extra protection for your assets. A second person who can handle your financial affairs can be helpful in an emergency. They can take action to protect your business operations, real estate, investments, or bank accounts for you when you are unable to.
  • You’ll enjoy more peace of mind when you travel. If you travel overseas a lot, you might find it beneficial to establish a power of attorney so your agent can handle your financial affairs in your absence.

How To Get A Power Of Attorney In Las Vegas

When you want to create a power of attorney in Las Vegas, the process will go smoother if you hire experienced estate planning attorneys like Williams Starbuck. They can walk you through all the steps of how to get a power of attorney in Las Vegas and help you write the terms of your POA to fit your needs.

Once you find an attorney to work with, you’ll need to

  • Choose one or more trusted people to act as your attorney-in-fact.
  • Work with your attorney to write the terms of your POA.
  • Finalize and sign the POA document in the presence of a notary.
  • Print and distribute copies to your attorney-in-fact and other relevant people.
  • Store your own copies in a safe place.
  • Give copies to financial institutions and government agencies where you have accounts or property listed in your POA.

Establish Your POA With The Experts At Williams Starbuck

When you’re ready to create a power of attorney, the estate planning attorneys at Williams Starbuck are here to help. Get started today by contacting us at 1-720-660-9847 to schedule a free consultation.