However, any estate plan can eventually become outdated. It never hurts to take a fresh look at a plan and make changes to protect your loved ones or preserve the value of the estate. And, in the following situations, you absolutely should contact our Reno estate planning lawyer to update your will, trust, and other estate planning documents.

Situation #1: You Get Divorced

Divorce will have an immediate effect on your estate plan. According to Nevada Revised Statutes § 111.781, a divorce automatically revokes any disposition of property made in a will or trust. So if you left property to your spouse, he or she can no longer inherit it under the will. By revising your estate plan, you can name a new beneficiary, or, if you still want your ex to receive the property, redraft your will so that the gift is effective.

A divorce also revokes any nomination to serve as your estate’s personal representative or as an agent or guardian. Perhaps you named alternates in your will or advance directives, like a durable power of attorney. If not, then you face the prospect of having no one serving in that role if you become incapacitated. We strongly recommend meeting with our Reno estate planning lawyer to revise all appropriate documents after divorce.

Situation #2: You Have a Child

Having a child is a great time to revisit an estate plan. You will want to make sure that you have named guardians for your child in the event you and the other parent die. You can also include explicit provisions for your child in your will or trust.

Situation #3: You Get Married or Start a Romantic Partnership

Marriage is an opportunity to revisit an estate plan and determine how you want to leave assets. Under Nevada law, your spouse at death has a right to a certain share of your estate—regardless of what’s in the will. Still, you might want to leave them more. You can also name your new spouse as your personal representative and nominate them as an agent to make health care decisions.

You should especially take another look at an estate plan if you have started a romantic partnership but not married. Some of our divorced clients have no desire to marry again, even though they are living with a new partner in their golden years. If you want to protect this person financially, you should make provisions in an updated estate plan. Because this person is not your spouse, they do not have automatic rights to a share of your estate when you die.

Situation #4: You Need to Change Your Personal Representative or Agents

These people play a critical role when you are incapacitated or die. There are reasons to revise an estate plan to change who will serve:

• Your personal representative or agent predeceases you
• You get divorced (if you nominated your spouse)
• You have become estranged from the person you nominated
• The person you nominated has moved far away
• The person you nominated has told you they no longer wish to serve

Our Reno estate planning lawyer can help you decide on someone new to serve in these roles.

Situation #5: You Move to Nevada

If you created an estate plan in a different state, it makes sense to take another look when you set up residence in Nevada. A well-drafted will or trust should still be valid in Nevada. But you want to make sure. And other pieces of an estate plan might not be effective if they were drafted according to a different state’s law.

Situation #6: Your Wealth Grows Considerably

If you’ve acquired more money and assets after creating your first estate plan, it’s probably time to revisit it. As long as the assets are in your name, they should pass via a will. However, you might want to change who will receive them. There might also be tax considerations that alter how you leave your estate.

Call Our Firm to Learn More

Cross Law Group is happy to help anyone with their estate planning needs. Whether you have no estate plan in place, or want to revise an already existing plan, we can help. Please contact our firm to speak with our Reno estate planning lawyer in a confidential setting.

The post Is It Time to Revise Your Estate Plan? appeared first on Cross Law Group.

Case-in-point are services like Legalzoom, whose business model is premised on the idea that preparing legal documents is nothing more than filling in the blanks of pre-made forms, but that’s just not true. In the case of estate planning, our Reno estate planning attorney is not just filling out forms for our clients. He is advising them on their options, helping them choose the best option for their needs, drafting estate planning documents that are customized to their particular situation, making sure everything is properly executed and recorded, advising them if an issue comes up in the future – and the list goes on and on.

At Cross Law, we pride ourself on building personal relationships with our clients and seeing them through the development of their estate plan and the future well-being of their family. Legalzoom simply can’t compete in that regard, not to mention how many clients we’ve have helped after they tried to “do it themselves” and realized too late in the game that they didn’t know enough about the law do it themselves.

Here is a blog post from another attorney’s website that sums it up pretty well:

I think that people generally have a tendency to underestimate the work that goes into the preparation of an estate plan, it requires a great deal more than simply printing off forms. LegalZoom and other such services reinforce the opinion that estate planning may easily be accomplished by generating simple forms, but if you are considering the use of such services, you should look closely at the service provider’s disclaimer. You will likely see, as in the case of LegalZoom, that the service provider is not serving as your attorney, does not review the documents you prepare for legal sufficiency and does not guarantee that the documents are correct. Preparing estate planning documents without the benefit of a legal opinion may result in unintended consequences that may be costly to correct in the future. In my experience, the vast majority of clients engage in estate planning to gain a sense of reassurance that their family will be cared for after their death in the manner that the client thinks is most appropriate, to pay for documents to be prepared without receiving the benefit of legal advice may undermine the entire purpose of the planning in the first place.

So, if you’re considering using LegalZoom for your estate planning documents, consider the fact that estate planning for your loved ones, not yourself.  You owe it to them to make sure everything is done correctly the first time.

The post Should I Use Legalzoom For My Estate Plan? appeared first on Cross Law Group.

Simply put, estate planning involves planning ahead for your death and leaving instructions for who is to receive your property after you pass away, what they will receive, as well as when they will receive it (which is especially important if you have young children and don’t want them to inherit money until they’re older and more responsible). But good estate planning doesn’t stop there. An estate plan should cover more than just the who, what, and when of distributing your property. It should also plan for many other obstacles your family will face as a result of your death or incapacity by doing things like:

• Providing instructions for your health care in the event you cannot make decisions on your own (life support, organ donation, etc.),
• Naming a guardian for your children and someone to manage or look after their inheritance,
• Providing instructions for how your children should be raised (religion, education, etc.),
• Making provisions for the payment of your debts,
• Protecting the assets in your estate from creditors,
• Minimizing estate taxes,
• Minimizing court and attorneys fees that may arise from administering your estate,
• Providing for funeral arrangements,
• Authorizing someone to manage your finances if you are unable to do so yourself,

So, estate planning involves more than drafting a simple Will. Most estate plans will also include a revocable living trust, special clauses in the Will, and various power of attorney designations that come into effect in the event you become incapacitated and cannot make decisions on your own.

What If I Die Without An Estate Plan?

There are a lot of misconceptions out there about what happens if you die without a will or estate plan. The truth is that your property will be distributed by a judge according to the probate laws in Nevada. The judge will decide what property is given to your spouse, your children, your siblings, and your parents — regardless of your wishes.

This can result in some unpleasant outcomes, such as leaving your spouse without enough money to pay living expenses or giving a full inheritance to your children even though they are not yet financially responsible enough to handle it. Money you saved for their college education could be spent on a new car or other frivolous items.

Or worse, in the even that both you and your spouse die in the same accident, the court will appoint a guardian to take custody of your children without any insight into who you think is best for the job. That guardian may not share your views on important things like religion and education and will be free to raise your children to their liking. During this time, the guardian will also control your children’s inheritance and will decide how it’s spent until your children reach the age of 18, when the court will turn the inheritance over to them in full.

Wouldn’t you prefer to have a say in how your property is distributed and your children are raised? Making sure your spouse is provided for and your children get the type of up-bringing you want for them is too important to leave to the discretion of a judge.

Cost Of Estate Planning In Nevada

Most people recognize that they need an estate plan, but wait until it’s too late. A common reason for the delay is the fear that hiring an estate planning attorney is just too costly. However, estate planning does not have to be expensive. For as little as a few hundred dollars, you can protect your family with a simple estate plan and can always add additional features in the future as they become necessary. In any case, the worst choice is to do nothing. The cost to your family of dealing with your death when there’s no estate plan in place will far exceed the legal fees of having one drafted today.

The post What is Estate Planning? appeared first on Cross Law Group.

• Washoe Legal Services
• Volunteer Attorneys for Rural Nevadans
• Nevada Legal Services
• Nevada Law Help
• Office of Military Legal Assistance

As always, if you have questions and can’t find the answer you are looking for here, please contact us to speak with a Reno attorney.

The post Low Cost Legal Aid in Reno, Nevada appeared first on Cross Law Group.

Key documents

Document #1: A Will

The cornerstone of every estate plan at is the Will (officially called a Last Will and Testament). The Will is a legal document that states who will inherit your property, as well as who will serve as guardian for your minor children (if any). It also identifies the person who will serve as executor of your estate through the probate process.

Document #2: A Durable Power of Attorney

The second document in every estate plan is a durable power of attorney, which authorizes a trusted person to act on your behalf in case you become incapacitated or cannot manage your affairs. The durable power of attorney allows this trusted person (called your “agent”) to access your bank accounts and other property in order to manage your finances.

Document #3: Power of Attorney for Healthcare

The third document in every estate plan at Cross Law is a power of attorney for healthcare. This document authorizes someone to make healthcare decisions on your behalf if you are unable to make them yourself. This document also includes a declaration of your preferences for end-of-treatment (also known as a “living will”).

Document #4: HIPAA Authorization

Federal and state law limits how much information your doctors can disclose to other people. Your HIPAA authorization gives permission to your doctors to disclose medical information to specific individuals you’ve named in the authorization. This document is particularly important for unmarried individuals or parents of step-children.

Optional Documents:

In addition to the documents listed above, our estate plans can also include the following documents if appropriate for the client’s needs.

Optional Document #1: Living Trust

One of the most popular estate planning documents is a living trust. However, living trusts are not for everyone, which is why they are not included in the above list. We generally recommend that your estate plan include a living trust if you own real estate, have multiple beneficiaries, are you want to prevent your heirs from squandering their inheritance. Our trust attorney is happy to help you evaluate your specific situation and decide whether a living trust is right for you.

The primary benefit of a living trust is that your estate can avoid cost and delay of probate court. While you’re alive, you control the living trust (and therefore the property) as the “trustee.” After your death or incapacity, your chosen successor trustee will take over control of the trust without going to probate court. Assets can stay in your trust indefinitely and are managed by the trustee for the benefit of whomever you choose, such as children or a spouse. You can specify how the trust assets will be managed and spent, including protecting beneficiaries from creditors and irresponsible spending.

Keep in mind that if your estate plan includes a living trust, you will still have a Last Will and Testament. Even though a living trust comes at additional cost, most people find the cost savings of avoiding probate make it more than worth it. Read more about living trusts.

Optional Document #2: Real Estate Deed

If your estate plan includes a living trust, then we will also include a deed that transfers your house into the living trust. This takes the house out of your name personally and keeps it from having to go through the probate process after you pass away. Importantly, it does not affect your mortgage or property tax valuation.

Optional Document #3: Beneficiary Designations

Regardless of whether your estate plan includes a living trust or not, the estate planning process must include updating the beneficiary designations for property that does not pass through your estate. This includes bank accounts with a POD designation, retirement accounts like an IRA or 401(k), and life insurance policies. Failing to keep beneficiary designations up-to-date can have dire consequences after your death.

If you have a living trust, we will help you update these beneficiary designations to the name of your living trust. This way, all of your property – whether a “probate asset” or not – passes through your living trust.

Special Documents: Large Estates

Generally most people do not have to worry about “death taxes” unless they own more than $5 million of assets ($10 million if married). If you are in the position where your estate is close or exceeds these amounts, then tax planning will be a very important part of your estate plan. Some common features you might include are:

Irrevocable life insurance trust: This is a trust designed to keep your life insurance pay-out of your estate for tax purposes, and therefore avoid the 40% estate tax rate.

Qualified Terminable Interest Property (QTIP): A trust that delays estate taxes until your surviving spouse dies. This kind of trust also allows you to control who will receive the trust’s assets after your spouse dies (such as your children instead of his or hers).

Credit Shelter Trust: Also called a bypass trust, this a trust that shelters property from estate tax using your exclusion amount.
Bottom Line

Conclusion

All of our flat-fee estate plans include a will, financial power of attorney, and healthcare power of attorney. We also include a living trust if it is appropriate. Other documents are included based on the circumstances.

The post What’s Included In An Estate Plan? appeared first on Cross Law Group.

Step 1: Get Organized

The first step on the estate planning checklist is simply to get organized and figure out what you own and what you owe. Clients often tell us that just getting organized was one of the best parts of the estate planning process. It’s a good feeling to finally get organized in your financial life and file away all those important documents that tucked away inside obscure desk drawers.

Here’s a list of the information you should gather:

• Property titles (home, car, boat, etc.)
• Investment, checking, and savings accounts
• Retirement plans
• Life your insurance policies
• Marriage certificates or divorce decrees
• Premarital agreement
• Birth certificate
• Previous years’ income tax returns (local, state, and federal)
• Social Security Card (or at least your social security number)
• Auto, life, health, and disability insurance policies (include premium amounts and due dates)
• Employee benefit plan information (health, disability, retirement)
• Location, deeds, and mortgage information for all real estate
• Debts owed or due (personal loans, auto loans, credit cards, charge accounts, notes payable,
  notes receivable from others)
• Business agreements relating to corporations, partnerships, or sole proprietorships (location,
  names, buy/sell arrangements)
• Names and phone numbers of persons to be notified in the event of your incapacity or death

Imagine if someone had to try to track down all of the above information without you around? It would probably be a nightmare, which is exactly the reason why it’s so important to do this now. Your loved one’s are going to need this information to go through the probate process after your death, so save them the misery of piecing together your financial life after you’re gone.

Click here to download a free inventory worksheet that will help you gather and keep track of the information listed above.

Step 2: Think About Who You Trust

Who is going to step in to take over your finances if you become incapacitated from a stroke or accident? Who will raise your children if they are still minors when you pass away? Who will be in charge of making sure your estate is administered correctly and the people you want to get your stuff actually get it?

These questions boil down to one thing: trust. It’s very important that you take some time to decide who it is that you would trust to take care of things if you’re not around or unable to do them yourself. You can then give this person (or persons) the legal authority in your estate plan to take care of these issues. Otherwise, a judge might decide who that person will be, and it could be someone that you’d rather not be trusted with such important matters.

So, make a list of the people who you’d want to be in charge of the following things (it’s okay if it’s all the same person). If you’re married, your first choice would probably be your spouse. If so, think about a back up choice in case your spouse has already passed away or is also incapacitated. It happens more often than you’d think.

• Manage your finances if you’re in the hospital and unable to take care of things like paying bills. This person would have full access to your bank accounts and other assets.
  Raise your children (if you have children under the age of 18). This person would also hold on your children’s inheritance until they reach age 18.
• Administer your estate after you pass away. This person would make sure that your money, valuables, and other belongings go to the right people.
• Make healthcare decisions on your behalf if you’re unconscious or otherwise can’t make such decisions. This person will decide things like whether or not you should have surgery, receive an organ transplant, or remain on life support.

These aren’t pleasant circumstances to think about, but it’s very important to take this step and make these hard decisions — especially if you have kids that might have to go live with someone else if something happens to both their parents.

Step 3: Make A Will

A Last Will and Testament is the one estate planning document that everyone should have, regardless of wealth or family situation. A Will allows you to state who should inherit your property, as well as who should serve as the guardians of your minor children if something should happen to you. You can also nominate one of the trusted people you identified in Step 2 to serve as executor of your estate.

Depending on the complexity of your estate and your budget, you can make a will yourself, use an online form, or hire an estate planning attorney.

Step 4: Consider a Living Trust

If you own real estate or have many potential heirs, your estate plan should probably include a living trust.  The primary benefit of a living trust is the ability for your estate to avoid probate, but there are other benefits, too. These include managing your children’s inheritance and reducing estate taxes. Your living trust will have to have a successor trustee to take over management of your property after your death. This should be one of the trusted people you identified in Step 2.

Step 5: Make a Financial Power of Attorney

A durable financial power of attorney appoints a trusted family member or friend to manage your finances if you become incapacitated or unable to handle your affairs. You should choose someone that you trust because he or she will have access to your bank accounts and other property without court supervision. All financial powers of attorney cease upon your death, so they are not a replacement for a Will or Living Trust.

Step 6: Make a Healthcare Power of Attorney

A health care power of attorney appoints a trusted family member or friend to make decisions regarding your health care in the event you are mentally or physically unable to make decisions for yourself. It also includes a declaration of your wishes for end-of-life care (a “living will”). You should discuss these wishes with your health care agent to make sure they understand your desires.

Step 7:  Protect Your Children’s Inheritance

If you have children, you should consider setting up your estate plan in a manner that protects their inheritance from frivolous spending or creditors. This can include restricting the conditions under which they’ll receive their inheritance or simply delaying their inheritance until they reach an age where you think they’ll be mature enough to handle it responsibly. You can accomplish this type of planning with a Will or a Living Trust.

Step 8: Update Beneficiary Designations

Bank accounts, retirements accounts, and life insurance policies allow you to designate a “pay on death” beneficiary. This can help you avoid probate and transfer the funds to your heirs automatically upon your death. Other types of assets that have similar features to a “pay on death” designation include vehicles, brokerage accounts, and stock certificates.

Step 9: Consider Life Insurance

Life insurance is an important part of every estate plan because it can provide much needed funds to your estate for paying off debts or helping a spouse who relies on your income. Life insurance is especially important if you have young children. You should also consider disability insurance, which will provide you with an income in case you become injured and cannot work.

Step 10: Make Final Arrangements

It’s generally a good idea to provide instructions for your burial or cremation, even if you don’t have strong feelings about it one way or the other, to prevent disagreements among family members after you’re gone. In Nevada, you can execute a “cremation affidavit” that gives a trusted friend or family member legal authority to take possession of your remains and carry out your last wishes.

Step 11: Plan Your Business Succession

If you’re self-employed or a small business owner, business succession planning is an absolutely critical part of your estate plan. As the very least, you should have a plan in place for winding down the business, collecting accounts receivable, and finishing and projects that are uncompleted. If you have partners, you’ll want to implement a buy back agreement that lets the surviving partner(s) buy-out the deceased partner’s share.

Step 11: Share Your Estate Plan and Store it Securely

This last step might seem kind of silly, but you’d be surprised how many people never tell anyone about their estate plan. This results in their chosen executor not even knowing they’ve been nominated for the job. Same goes for their children’s chosen guardian.

So, once you get your estate planning documents, take the logical next step and tell the people that will need to step up in the event that you die or become incapacitated. You might even consider giving them a copy of the estate plan so they have it and know what to expect.

Whatever you do, putting your estate planning documents in a safety deposit box at the bank is not recommended. As it turns out, the bank will not let anyone access that box without a court order. So, if you die or become incapacitated, your loved ones will have to suffer the cost and hassle of going to court to get your estate planning documents, which kind of defeats the point.

Conclusion

Now that you have a checklist to help get you started on your estate plan, don’t delay. Start taking action today using the steps outlined above. Our Reno estate planning attorney is always available if you still have questions or would like to get started on drafting your estate plan.

The post Estate Planning Checklist appeared first on Cross Law Group.

The Who

Any person over the age of 18 and who is of “sound mind” may create a Will in Nevada.  NRS 138.020. “Sound mind” means that the person creating the Will (known as the “testator”) must understand the nature and extent of his or her property, as well as the effect of the Will on the distribution of his or her property.

The What

Generally speaking, a Will in Nevada must be in writing. NRS 138.040. There is a limited exception for “electronic wills,” but such wills are beyond the scope of this post.  Take note that this means a video will is not legally effective.  Unlike the movies, you cannot record yourself on video describing how your property should be distributed.  In such a case, the probate court will disregard your video will and distribute your property as if you died intestate.

The exact contents of the Will depend on individual circumstances.  However, the following features should be present in every Will in Nevada:

• The Will should clearly state that the testator intends for it to serve as his/her Last Will and Testament.
• The Will should state that the testator is of “sound mind” and over the age of 18.
• The Will should state whether or not the testator is married and has children.  If so, it should provide the identities of the testator’s spouse and/or children.
• The Will should provide for the distribution of the testator’s property, including the “residuary” of the testator’s estate.
• The Will should provide for the distribution of the testator’s property in the event that the intended recipient dies before the testator
• If the testator has minor children, the Will should nominate guardians for them

How To Make A Will: The How

Arguably the most important part of creating a Will in Nevada is the signing and witnessing of the Will, otherwise known as the execution.  A Will that is improperly executed is invalid, so great care must be taken to make sure that everything is done correctly.

Under NRS 133.040, a Will must be signed in the physical presence of two witnesses who actually watch the testator sign it.  There is an actual court case where a Will was found invalid because one of the witnesses walked into the adjoining room while the testator was signing the Will.  That’s how strict these requirements are interpreted by the courts.

Also, the witnesses must sign the Will after the testator in his or her presence, as well as the presence of one another.  This means that when executing a Will, the testator and both witnesses should remain together in the same room until everyone has finished signing the Will in order to avoid any potential problems.  Note: a witness cannot be someone who is going to inherit under the Will.  NRS 133.060.

Lastly, although not strictly required by law, it is a very good idea for the Witnesses also sign a “Self-proving Affidavit” or an “Attestation Clause.”  These are separate from the Will and are taken as proof by the Court that all of the requirements for executing the Will were actually followed by the parties, which can help avoid troublesome challenges to the Will’s execution. Samples are provided in NRS 133.050.

Conclusion

After the Will is signed and witnessed, it is legally effective.  The originals should be kept in a safe place and a copy given to the person(s) named as executor. If you have any other questions about how to make a Last Will and Testament in Nevada, please contact us.

The post How to Make a Will appeared first on Cross Law Group.

So if you’re wondering whether you really need to hire a Reno estate planning attorney to help draft your estate planning documents, you’re not alone. This is a question wget all of the time at Cross Law.

First, if you are trying to figure out if can take care of this on your own without the help of a lawyer, you need to make sure you’re making an informed decision. Be wary of the sales pitch being made by do-it-yourself services like LegalZoom or Rocket Lawyer — and the same thing goes for other attorneys, too. Both are trying to convince you to use their services, and both have an incentive to mislead you.  We recommend that you take some time to do your own research. Our website has some very good resources on estate planning, but so do other websites. Read them before you make the decision to draft your own estate planning documents or engage an estate planning lawyer to do them for you.

In certain cases, you don’t need a lawyer and can draft your own simple will.  There are three things about your situation that need to be true, though. First, you need to have a fairly simple family situation. This means that you should not be a “modern family” with children from previous marriages or other complicating factors. Second, you must not own any real estate or have other significant assets to be distributed at your death.  Significant assets will typically make an estate more complicated.

The more complicated your case, the more likely it is that an estate planning attorney is going to be able to add value for you.  This value will come in the form of making sure that your estate plan accomplishes your goals, is accurate, and is legally correct and enforceable. So, if you have a blended family, own a home, have significant retirement savings, and/or have a small business, it would probably be a good idea for you to seek out a lawyer that can guide you through the process.

So the bottom line is this – no, you may not need a lawyer to handle your estate plan if your estate is small and your family situation simple.  But if not, you might consider hiring a lawyer to make sure your estate plan is done correctly. We offer free consultations and would be happy to meet with you and determine if it’s worth hiring our firm to help.

The post Do I Need an Estate Planning Attorney? appeared first on Cross Law Group.

But legally speaking, the word “estate” has an entirely different meaning.

Legal Definition Of “Estate”

Technically speaking, an “estate” is all the property an individual owns at death, including:

• Personal property, like cars, jewelry, and furniture;
• Real estate, like a home (although the way your real estate is titled might take it out of the estate);
• Money, including bank accounts, life insurance policies, stocks and bonds, retirement accounts, and pensions.
• Debts, such as credit card debt, car loans, and mortgages.

Thus, “estate” is actually has a fairly simple definition. However, when you start looking at the practical implications, it can get more complicated, particularly when it comes to probate. That is because a person who passes away is usually considered to have a “probate estate” and a “non-probate estate.”

The post What Is An Estate? appeared first on Cross Law Group.

#1 – Provide For Your Family

Without an estate plan in place, your family will get less and it will take them longer to get it. This means your loved ones will be left in limbo and might end up without enough money to pay bills and other living expenses. It’s not uncommon for families with an unexpected death to nearly fall apart due to the financial strain in the weeks, months, and years to come.

Good estate planning will make sure that your family is provided for and not left to face financial ruin once you’re gone.

#2 – Keep Your Children Out Of Child Protective Services

As unpleasant as this next thought is going to be, take a minute and ask yourself what would happen to your kids if you and/or your spouse were involved in a major car accident on the way home from work tomorrow?

Really, think about it. Who will pick them up from school or daycare? Where will they sleep that night and the nights to come? Who will ultimately end up as their guardian?

If you don’t have an estate plan in place, than you might not like the answers to these questions. Why let your kids end up in Child Protective Services while the courts sort out who will serve as their guardian?Why leave that decision up to the courts at all? Do you really want a judge to decide who will raise your kids without any input from you or your spouse?

#3 – Minimize Your Expenses

Do you know where most of the money goes when people don’t have a good estate plan? Attorney’s fees and court costs.

When you die without an estate plan (and without a living trust, in particular) the courts are forced to handle everything: the distribution of your property, the guardianship of your children, the dissolution of your business. This is known as “probate,” and it get’s very expensive — easily exceeding $10,000 for even modest estates. That’s money your family and kids could’ve used for living expenses and other bills, but instead it’s just lining the pockets of your attorney.

#4 – Get Property To Loved Ones Quickly

You have two options here. Option 1, your family has to wait anywhere from 3-9 months to get anything after you die. Option 2, your family gets money they need to pay bills, to pay for your funeral, to pay for your outstanding medical bills, and to pay for anything else they need right away and without delay.
Which one would you choose? Good estate planning let’s you avoid the big delays that can put a real financial strain on your family.

#5 – Save Your Family From The Difficult Decisions

Can you imagine trying to decide when to pull the plug on your spouse who is in a coma or similar condition? Or deciding how his or her remains should be handled?

Those are heart breaking decisions that no one should have to face. You can ease this burden by thinking about this kind of thing in advance and planning ahead for it. You can specify in your estate plan how you want end-of-life care to be handled and what kind of disposal arrangements you want made for your remains. And there’s no one better to make those decisions than you.

#6 – Reduce Taxes

Every single dollar that you pay in taxes is one less dollar that your family will have for paying bills and other expenses. There are numerous tax reduction strategies that you can use to keep as much money in the hands of your family as possible.The key is to start tax planning sooner rather than later — and definitely not to wait until it’s too late.

#7 – Make Retirement Easier

You might be surprised to hear that estate planning can actually benefit you while you’re alive, not just your family after you’re gone. Healthcare in particular is an area where estate planning can benefit you enormously down the road by making sure you’re eligible for government benefits like Medicare (that you’ve been paying into most of your working life anyways, so you might as well get something back), that can significantly reduce your healthcare costs and leave more money to your loved ones.

#8 – Plan For Incapacity

Estate planning is not just about death. It’s very common for people to become incapacitated by an accident or sudden medical episode – like a stroke – that leaves them unable to manage their financial affairs.

If this happens to you, who will take care of paying your bills or managing your healthcare? A power of attorney designation for both financial and healthcare decisions can save your family a lot of time and money and make sure everything is handled according to your wishes.

#9 – Support Your Favorite Cause

You might have heard that Mark Zuckerberg (the founder of Facebook) decided to join Bill Gates and Warren Buffet in leaving the vast majority of his fortune to charity instead of his family. Even though you don’t have billions of dollars to leave to charity, you can still make a difference by supporting your favorite educational, religious, or other charitable cause. Even if it’s just a hundred dollars, that money can help others and make a difference in their lives.

#10 – Make Sure Your Business Runs Smoothly

If you are a small business owner, then you absolutely must have an estate plan. It’s one of the most important things you can do and is really not optional. Without one, your business will likely fall apart quickly and completely if something happens to you, and that can cause incredible financial hardship on your family.

You have the opportunity to provide for an orderly transition to someone else and continue the business by spelling out what happens if you become disabled or die. Don’t do a disservice to your family by leaving these kinds of ends untied.

If you want to discuss your estate planning needs with a Reno estate planning attorney, contact us to schedule a free initial consultation.

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