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I Am Not Wealthy, Why Do I Need to Have an Estate Plan?

Many people have the misconception that estate plans are only for those with high-net-worth; however, this is far from true. An estate plan provides a safety net even for those with a small number of assets. Our Las Vegas estate planning lawyers explain why you need to have an estate plan, even if you’re not “wealthy.”

If you need help creating a comprehensive estate plan, contact our Las Vegas estate planning attorneys today at (702) 323-5750!

Assets Will Go to Intended Beneficiaries

Regardless if you only own a house or funds in a savings account, it’s important to have a comprehensive estate plan in place. You would want your hard-earned money to go to your loved ones, but you need an estate plan to ensure that happens after you pass away. With an estate plan, you can create a will that lists the beneficiaries of your estate. Without an estate plan, the court will decide who will receive your assets.

Protects Your Young Children

If you are a parent of young children, a will can also extend protection to them if something happens to you. You can designate their guardians in the event that you and your spouse pass away before your children turn 18. Without a will and guardianship clause, a judge will make this important decision.

Avoid Taxes

One of the greatest benefits of an estate plan is that it helps you avoid taxes. Your assets will be transferred to your family with the smallest tax burden possible with a comprehensive estate plan. In many cases, families with an estate plan can reduce much (if not all) of their federal and state estate planning taxes or inheritance taxes. Without an estate plan, your family could be left owing the government a substantial amount in taxes.

Avoid Family Arguments & Confusion

In many cases, asset distributions can lead to conflict and confusion. One family member might have the misconception that they would receive a certain number of assets, and they didn’t. A comprehensive estate plan can help you avoid these unpleasant situations. Everyone will know that your assets, no matter how small, are being distributed as you wished.

Avoid Probate

When someone dies, their property, money, and possessions need to be sorted. Gathering all assets, paying all taxes and debts, and distributing what is left over to the decedent’s family is the probate process. With a trust, you can avoid the probate process altogether.

A trust is a written agreement that details how your property should be managed during your lifetime and distributed after your death. The arrangement allows a third party, or trustee, to hold assets on behalf of you and your beneficiaries. After you pass away, your loved ones can avoid probate, and they can get their assets faster. A trust can also help them reduce taxes.

Call Our Las Vegas Estate Planning Attorneys: (702) 323-5750!

Regardless of the number of assets you have, it’s important to create a comprehensive estate plan to ensure that those assets are going to your desired beneficiaries. Our Las Vegas estate planning attorneys are dedicated to helping families create a comprehensive estate plan. We can explain each of these estate planning documents and assist you in preparing the documents necessary for your situation.

The most common estate planning documents include:

  • Living will
  • Last will and testament
  • A financial power of attorney
  • Advance medical directive
  • Revocable living trust

We are available to help you with your estate planning process from beginning to end. Call our Las Vegas estate planning lawyers today at (702) 323-5750 to schedule a consultation!