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

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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.

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Do You Need A Living Will In Las Vegas?

When you think about a will, you probably think about the document that gives instructions for distributing your estate after your death. So what, then, is a living will? And do you need a living will in Las Vegas? Let’s explore what a living will is, why you should have one, and how an estate planning attorney can help you write one.

What Is A Living Will?

Unlike a last will and testament, a living will is used while you’re still alive. It is what the law calls an “advance directive” and details your desires for medical care if you ever become incapacitated, incapable of communication, or mentally incompetent.

Unfortunately, there may come a time when you cannot make or express your desires for medical treatment or end-of-life care. While your loved ones and doctors will try to give you the best care possible, they cannot read your mind. A living will let you make medical decisions ahead of time for family and doctors to follow.

So what might a living will include? These are very personal decisions, but a living may include

Your goals for quality of life when incapacitated

  • Instructions for personal hygiene and modesty
  • Directions for when to use lifesaving treatments and when to remove life support
  • Instructions for withholding nutrition and hydration at the end of life
  • Preferences for pain management
  • Religious considerations

When working on your living will in Las Vegas, you may also wish to draw up what’s called a durable power of attorney for health care. This document names a person you want to make medical decisions for you if you become unable.

Do You Need A Living Will?

Nevada does not require you to have a living will, but it is recommended that everyone 18 and older should have one. Even if you enjoy good health right now, anyone can experience an unexpected accident or terminal illness. You should especially consider getting a living will in Las Vegas if you

  • Already have a terminal illness
  • Plan to have surgery soon
  • Are of advanced age

Having a living will helps your family and doctors know how to care for you during a stressful time. It lifts some of the burdens of caring for you and prevents arguments and uncertainties. You’ll also have greater peace of mind knowing that medical care and end-of-life care decisions that are important to you will be honored.

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How Can An Attorney Help You Write A Living Will?

Like with other wills and estate planning documents, your attorney can also help you write your living will. You could do it yourself using an online template, but an attorney provides an experienced point of view. They can help you personalize your living will better than a generic template allow and ensure your living will meet Nevada state requirements. They can offer advice about what kinds of things to include. And once you’re done, your attorney’s office can help you get the final document witnessed and notarized.

A living will may be difficult to think about, but the guidance of an expert attorney streamlines the process. You’ll feel more confident knowing everything was done right and that your family will know your wishes for medical and end-of-life care if needed.

Need Help With A Living Will In Las Vegas? Williams Starbuck Can Help

When you need a living will or other estate planning document, the experienced attorneys at Williams Starbuck are happy to help. We make the process simple and discuss everything thoroughly to meet your needs. To learn more about our services, call 1-720-660-9847 or contact us and schedule a free consultation today.

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Estate Planning for Military Families

Although Memorial Day just passed, it is important to honor those that have served our country. This time is also an opportunity for members of the military and their loved ones to consider setting up an – or revising an existing – estate plan. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members are deployed overseas. Beyond this, members of the military have access to special benefits and resources. This can become complicated and, for this reason, it’s important to seek specialized help if you are a military family. Whether you are just starting in the military or a seasoned veteran, below are some common factors to consider for your estate planning needs.

Important Factors to Consider 

Everyone’s estate plan should be customized to the person’s particular circumstances. Some factors that should be considered include whether you:
  • Own real property and, if so, if the real estate is located in different states;
  • Are married;
  • Have minor children, or children with special needs;
  • Have money set aside in 401(k), IRAs, or thrift savings plans;
  • Plan to give to charity; and
  • Are moving multiple times across states or to different countries.

Estate Planning Necessities 

There are many benefits offered to military families that can help with estate planning. These include:

Life Insurance

An important part of an estate plan and intended for those who are financially dependent upon you, life insurance is especially important if a member of the military is heading out to a combat zone. Active-duty members have access to low-cost life insurance for themselves and loved ones from Service Members’ Life Insurance Group. More information can be found on the Department of Veterans Affairs website. When examining your life insurance, work with us to make sure that the beneficiary designation works the way you expect it to.

Wills and Trusts

A last will and testament to whom and how you want your property distributed, names who will administer your estate and specifies who will care for a minor or special needs child. A trust, on the other hand, is a separate legal entity that can hold property and assets for the benefit of one or more people or entities. For most families, a trust-centered estate plan is a better fit, but a will can work for some families.

Other Benefits for Survivors

Survivor benefit plans (SBP) are pension-type plans in the form of an annuity that will pay your surviving spouse and children a monthly benefit. Likewise, dependency and indemnity compensation (D&IC) provides a monthly benefit to eligible survivors of service members or veterans (1) who die while on active duty, (2) whose death is due to a service-related disease or injury or (3) who are receiving or entitled to receive VA compensation for service-related disability and are totally disabled. When you are examining any financial services or insurance product, it’s a good idea to work with us to make sure any beneficiary designations work the way you expect and provide the maximum benefit to your family.

You Need Specialized Help 

Members of the military often experience frequent moves, have access to lots of government benefits after service, and can be subject to some unusual tax rules. For these reasons, estate planning for military families is more complicated than most. You can expect an estate planning professional to assist you with setting up the following:
  • Powers of attorney for limited and general financial matters, as well as health care decisions (very helpful when a spouse is deployed);
  • Funeral and burial arrangements;
  • Wills and living wills;
  • Organ donation;
  • Family care plans;
  • Life insurance;
  • Trusts;
  • Estate taxes;
  • Survivor benefits;
  • Estate administration and/or probate.
An estate plan has multiple objectives: to provide for your family’s financial security, ensure your property is preserved and passed on to your beneficiaries, and determine who will manage your assets upon your death, among others. As a former United States Marine, I am here to help guide you through the best options available to you and your family. Contact us to start creating an estate plan today!
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10 Estate Planning Tips

Life has too many “what-ifs” to be able to plan for every conceivable situation you might encounter. In spite of this, it’s still possible to create an effective estate plan that will not only anticipate your death and/or disability but do so in a way that will enable those you love to focus on your legacy, rather than your estate plan. Check out these 10 estate planning tips!

10 Estate Planning Tips For Creating an Effective Estate Plan

  • Get A Financial Power Of Attorney
    • Give the power of attorney over your financial matters to someone you trust. This person should also have the education or life experience to make sound financial decisions on your behalf, in the event you become incapacitated.
  • Find A Healthcare Power Of Attorney
    • For most of your life, you are far more likely to be temporarily incapacitated or disabled than you are to die. For this reason, a comprehensive estate plan will give the power of attorney to someone for health care decisions. It is a very good idea to give someone the power to act on your behalf in the event you are unable to make decisions for yourself.
  •  Do A Regular Inventory and Correctly Title Your Assets
    • You have spent your whole life, up to this point, working to acquire assets that will support you, and possibly your children after you die. Regularly inventory and carefully title your various assets. Designate beneficiaries for your annuities, insurance policies, and retirement plans. You should bear in mind that anyone whose name appears on the title of an account, policy, or retirement plan will have the authority to access and use the funds on your behalf.
  • Have a Will In Place
    • Have a legal will prepared that properly disposes of your assets. A will can also nominate legal guardians for your children to provide for their care, upbringing, and education in addition to managing their inheritance.
  • Take Advantage of Protections From Creditors
    • Take advantage of protections that are available, as a matter of right, by law to protect certain basic property rights. For example, some assets (e.g., 401(k)s, most IRAs, and your primary residence) are protected by state law; therefore, they can’t be taken by a general creditor to satisfy your obligations.

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Estate Planning Tips Continued…

  • Use Revocable Living Trusts
    • Use trusts to hold assets and settle your estate. A trust is an effective way to avoid the probate process that can be lengthy and needlessly expensive. Most people should eventually use a revocable living trust as the centerpiece of their estate plan.
  • Understand Irrevocable Trusts
    • Instead of leaving inheritances directly for your children, use an irrevocable trust. This can help you avoid claims against the inheritance from debts, divorce, disability, and destructive spending habits. In addition, there are dozens of purposes for irrevocable trusts created for favorable income, estate, and gift tax results and, when used correctly, protection of assets.
  • Seek The Help of Financial Advisors
    • Seek professional advice from attorneys, bankers, financial planners, and insurance brokers as you see fit. It’s never too early to start planning for your financial future. In order to be a good steward of your assets, find a good financial advisor with the help of family and friends, and trusted professionals.
  • Periodically Review and Revise
    • Effective estate planning is a lifelong activity. Tragedy could strike at any time. As we have seen, laws, your family circumstances, and the makeup of your own wealth will change over time. It is critical to review and update your estate plan on a regular basis to ensure that the best possible protections are being utilized.
  • Take Time To Ponder
    • Family dynamics change all of the time and in lots of different ways. Think of charitable causes you are committed to or care about. Charitable giving is one tool an effective estate planner has in the tool belt to reduce or eliminate taxes that the estate, or loved ones, will have to pay when you die. Financial circumstances can change rapidly. Your legacy will reflect the time and thought you have invested in creating and maintaining your estate plan.

Use These 10 Estate Planning Tips To Get Started

An estate plan that is out of date, can be just as harmful as not having one at all. It is essential to maintain your estate plan so your legacy, and not estate planning deficiencies are what will be remembered. If you regularly follow the above ten timeless tips above, your estate plan will remain healthy and effective to accomplish what it was created for.

Contact the attorneys at Williams Starbuck to help you with your Estate Planning needs today!

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Military Will and Estate Planning in Las Vegas

What Is Military Will and Estate Planning

In many ways, creating a customized estate plan for a single, or married member of the active duty or reserve branches of the United States military, can be similar to creating a will, trust, or estate plan for wealthy and non-military individuals or families. However, when it comes to military personnel, there are considerations that are unique to members of the military that must be accounted for and planned for.

When developing a military estate plan keep in mind and take an inventory of everything that is personally owned.  This can include property, a car, and even a savings account.  Once the assets have been identified, we can then help you answer questions such as:

  • What happens to my property?
  • Who will oversee my finances?
  • How will my family be affected financially?

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Why Williams Starbuck Can Help You With Military Will and Estate Planning in Las Vegas

Because of my service in the United States Marine Corps Reserves, I am both familiar with the considerations that are distinctive to military members, and able to relate to you and your situation while we work together to ensure your estate plan is properly set up, and all aspects and scenarios are contemplated and planned for. 

In cases where you own a home, have investments, or your estate consists of other classes of assets, the base legal office may not be able to adequately assist you with the proper tools and documents you need to ensure that your estate avoids probate, and seamlessly transitions to your loved ones.

Contact Williams Starbuck For More Information About Military Will and Estate Planning

If you are a member of any branch of the United States Military, on active duty, or on reserve and you have questions regarding asset protection or other estate planning matters and how they might affect you, call us at 1-720-660-9847 or send us a message for a free consultation.

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How Often Should You Update Your Estate Plan in Las Vegas?

A resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect who you are? Would it do what you want it to do? Likely not. Estate planning in Las Vegas is similar in that they need to be updated on a regular basis to reflect changes in your life so they can do what you want them to do.

Outdated estate plans – like outdated resumes – simply don’t work.

Take a Moment to Reflect

Think back for a moment – think of all the changes in your life. What’s changed since you signed your will, trust, and other estate planning documents? If something has changed that affects you, your trusted helpers, or your beneficiaries, your estate plan probably needs to reflect that change.

Here are examples of changes that are significant enough to warrant an estate plan review and, likely, updates:

  • Birth
  • Adoption
  • Marriage
  • Divorce or separation
  • Death
  • Addictions
  • Incapacity/disability
  • Health challenges
  • Financial status changes – good or bad
  • Tax law changes
  • Move to a new state
  • Family circumstances changes – good or bad
  • Business circumstances changes – good or bad

Procrastination

Call us at 1-720-660-9847 to get your estate planning review on the calendar. If you’re like most people, if it’s on the calendar, you’ll make it happen.

Just as you update your resume on a regular basis and just like you meet with the doctor, dentist, CPA, or financial advisor on a regular basis, you need to meet with us on a regular basis as well.

We’ll make sure your estate plan reflects your current needs and those of the people you love. Updating is the best way to make sure your estate plan will actually do what you want it to do.

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How to Leave Your Assets to Your Minor Children in Las Vegas

Your children are your pride and joy. It’s no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a helpful financial tool to protect your loved ones, it is just as important to consider how to leave your assets to your minor children. Beyond this, you should also consider how to incorporate your retirement money (IRAs and 401(k)s), another common, significant asset into your overall estate plan.

When you purchase life insurance, you will name a beneficiary of the death benefits and retirement accounts. But, if you don’t have a system in place and your children are minors at the time they inherit these assets, the court will appoint a property guardian or a conservator (the title depends on state law, but the role of this person is to “watch over” a minor person’s money). This process will require attorneys’ fees, court proceedings, supervision from the court, and will limit investment options — all costs and delays that will not help your children, but can cost them a significant percentage of their inheritance.

Another downside? Whatever’s left when the child becomes an adult (usually age 18, but may be, 19 or 21, in some states) will be handed over, without any guidance. This can impact college financial aid opportunities and open up an opportunity for irresponsible spending.

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How To Leave Assets?

 There are several ways in which you can structure your life insurance policies, retirement accounts, and overall estate plan to benefit your minor children in the most streamlined way possible.

1. First, use a children’s trust to manage the money for the benefit of your children.

This lets you designate someone you think will manage the assets well, rather than leaving it to the whims of the court. You will want to do this instead of naming minor children as beneficiaries.

2. Second, select and name a guardian to handle the day-to-day care for your children.

This person can be different than the person managing in the money, which can sometimes work well depending on the amounts involved and the different skill sets needed to manage money versus raise children.

3. Third, if you have a living trust, make sure you have properly funded the trust and aligned your retirement assets with the plan.

If you do not yet have a trust, consider the benefits of one over will-based planning.  Both types of plans will allow you to designate how much and when your children will receive the money, but a trust–based plan will allow you to do so without court involvement.

Benefits of a Trust

Generally, parents list a minor child as the secondary or contingent beneficiary on life insurance and retirement accounts after first naming the surviving spouse as a primary beneficiary. This may work, as long as everyone dies in the “right” order and at the “right” time. But, it’s a gamble, and providing structure through a trust for these inheritances is a better option. Unlike guardianship or custodian accounts, where the proceeds must be handed over once the minor(s) turns a certain age, you can specify at which age your child receives the assets. This allows you to designate how the money is to be used, so it will be available for important life events while protecting your children from reckless spending. Ultimately you have more control with a trust, and your customized plan will provide the best protection for your family.

If you have any questions about how to leave assets to your minor children — whether it is a life insurance policy, a retirement account, or any other asset — call us at 1-720-660-9847. A legal professional can explain the options available to your family, determine what tax implications will result, and advise you on the best structure that will protect your family’s needs.

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How to Pick a Trustee, Executor, and Agent Under a Power of Attorney

While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. You first will pick a trustee, executor, and agent under a power of attorney when you create your estate plan in Las Vegas.

When you do this, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave. Luckily, understanding the basics of what each of these terms means and what to consider when making your choices can make your estate plan work far better.

Trustee

A revocable living trust is often the center of a well-designed estate plan because it is simply the best strategy for achieving most individuals’ goals. In many revocable living trusts, you will serve as the initial trustee and will continue to manage the trust assets as you had in the past.

Your successor trustee will be responsible for making sure your wealth is passed on and managed in accordance with your wishes after your death or during your incapacity. Like each of the following individuals involved in your estate planning, it’s best to have a trusted person or financial institution carry out this vitally important role.

It’s important to make the language in your trust as clear as possible so that your trustee knows exactly how to handle various situations that can arise is asset distribution. Lastly, your trustee will only control the assets contained within the trust — not the rest of your estate, the reason why completely funding your living trust is crucial.

Powers of Attorney

Your power of attorney is the document in your estate plan that appoints individuals to make decisions on your behalf if you become unable to do so yourself. There are a few different types of powers of attorney, each with their own specific provisions. There is quite a wide range of situations covered by various powers of attorney, and we can help you decide which types you’ll need based on your current situation and future goals. Here are two common types to cover in your estate plan:

Financial Powers of Attorney

Financial powers of attorney grant individuals the ability to take financial actions on your behalf such as purchasing life insurance or withdrawing money from your accounts to cover your expenses. A person who acts under the authority given in a power of attorney is generally called an agent. Regarding financial decisions, an institution like a trust company, can also be named. Keep in mind that trust companies will charge a fee for this service.

Health Care Powers of Attorney

Health care powers of attorney cover a wide range of specific actions that can be taken regarding an individual’s medical needs such as making decisions about the types of care you receive or who will be providing the care.

Executor

Your executor is the person who will see your assets through probate, if necessary, and carry out your wishes based on your last will and testament. Depending on your preferences, this may be the same person or institution as your trustee. You might also see this position designated as personal representative, but it means the same thing.

Some individuals chose to go with a paid executor. This is usually someone who doesn’t stand to gain anything from your will, and is often the best choice if your estate is large and will be divided among many beneficiaries. Of course, family or friends can also serve, but it’s important to consider the amount of work involved before placing this burden on your family or friends.

Being an executor can be hard work and may have court-ordered deadlines, so it’s crucial to pick someone you know will be up for the job. They will probably need to hire a CPA to help sort out your taxes and a lawyer to assist in the process. Of course, if there’s a dispute, attorneys, appraisers, mediators, or other professionals will undoubtedly need to be involved.

Choosing a spouse or someone else intimately involved in your life can be convenient because they may already be familiar with your assets and have an easier time making sure your wishes are carried out.  However, because of the time involved and the nature of some assets, they may not be up to the task at the time.

 

Get in Touch With Us Today

Let us help you make the process of how you pick your trustee, executor, and agent under a power of attorney as smooth as possible. Once you have these choices in place, you’ll be able to rest easy knowing that your estate plan is in good hands no matter what life brings.  Call us at 1-720-660-9847  to make an appointment today.

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Do I Really Need an Estate Plan in Las Vegas?

You don’t need to have a summer house in the Hamptons or a private art collection big enough to rival MOMA to consider yourself the owner of an estate. In fact, virtually anyone who owns anything has an “estate” in the eyes of the law. Although the term may conjure images of expansive country properties, expensive cars, or other symbols of high wealth, for the purposes of estate planning law, the term “estate” covers a whole lot more.

If you are thinking “do I really need an estate plan?, then you would benefit from talking with my team as an estate-planning attorney in Las Vegas.

What Constitutes as an Estate?

Ordinary possessions like homes, jewelry collections, bank accounts, cars, furniture — basically anything you can own — are also under the purview of your estate, meaning estate planning is something that profoundly impacts virtually everyone, not just the “country club” crowd.

So even if you wouldn’t ordinarily consider yourself the owner of an estate, it’s quite likely that you are. The answer to the question “I don’t have an estate. Do I really need an estate plan?” is, “Yes, virtually everyone who owns property could benefit from estate planning.” And estate planning covers more than just property, too: It’s also about ensuring someone you trust can make critical medical decisions for you if you’re unable to do so.

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4 Key Advantages of Estate Planning

Estate planning may seem overwhelming.  But you don’t have to do it alone. We know what it takes to create a comprehensive estate plan tailored to your exact needs.

Here are the core tenets of what’s involved in estate planning and how you stand to benefit from the process:

  1. Allows you to remain in complete control of your property while you’re still alive and well.
  2. Helps you provide for yourself and your loved ones if you become incapacitated or disabled – without expensive and distracting court hearings.
  3. Minimizes the impact of professional fees, court costs, and taxes.
  4. Provides a framework so you can give what you have to whom you want, the way you want when you want.

Sit Down With an Attorney Today

Are you ready to sit down with a qualified estate planning attorney to see how you can ensure a better future for yourself and your family? There’s no time to waste — the sooner you take stock of your estate and get critical documents like wills and trusts completed, the better. Contact us today to schedule a free consultation.