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What Happens to My Assets If I Become Incapacitated?

When a person becomes incapacitated, they’re no longer able to make decisions for themselves. Incapacitation may include being in a coma or being unconscious. When a person is incapacitated, it leaves family members with grief for their condition and the need to make tough decisions. Our attorneys explain what might happen to the assets of a person who has become incapacitated.

Who Will Manage Your Assets If You Become Incapacitated?

Failing to take legal measures early on can leave your family in a difficult position if you become incapacitated. However, if you don’t have an estate plan in place, the Nevada court will need to appoint and prove a guardian. If you want to be the one who decides who should have control over your assets, you’ll need to have a comprehensive estate plan in place.

What If I Have a Will?

Although a will is a fundamental part of an estate plan, it doesn’t appoint a guardian unless you’re deceased. A durable power of attorney is another estate planning document you can create to appoint an agent to control your business if you are to become incapacitated. This legal document can give another person full legal authority to sign your name on your behalf and manage your finances and assets.

Secure Your Loved Ones’ Future

Although it is tough to prepare for situations we hope never arise, it is beneficial to prepare a safety net for family and loved ones. Creating a comprehensive estate plan can help you protect your family--especially during the unprecedented times we live in. With the spread of COVID-19, families are taking proactive steps to protect their assets and their families. Our attorneys can review your situation and help you create the right estate plan for you.

Contact our lawyers today at (702) 479-5322 to schedule a case review!