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Estate Planning Goals to make before your Holiday Travel

by | Dec 11, 2020 | Firm News

estate planning

Having an estate plan is important for all individuals and families. By having an estate plan, you will have greater peace of mind knowing that your affairs will be handled according to your wishes and in an efficient manner. An estate plan is especially important to have in place prior to holiday travels. Unfortunately, the holidays sometimes result in accidents and injuries, which can be devastating for a family. To ensure that your financial affairs are in order prior to your holiday travels, contact our Las Vegas Estate Planning Attorneys.

What are some estate planning goals to make before your holiday travels? 

An estate plan should be unique to your situation and wishes. The estate plan tools that may be utilized will depend upon your circumstances. Our Estate Planning Attorneys in Las Vegas can help you develop an individualized plan that best suits your situation. Some goals and tools that you may want to consider include:

  1. Last will and testament 

Every person should have a last will and testament. Your will can set forth how you want certain property divided in the event of your death. You can designate your preference for the person who will act as executor or personal representative of your estate. If you have minor children, you can designate the person who will act as their guardian. A will can provide direction for your estate and will provide you with the assurance that confusion and drama will be avoided.

  1. Trust 

A trust can be created to hold certain property and assets for the benefit of yourself and others. A trust can be created during your lifetime or may be created as part of your will. A trust protects assets from certain creditors and provides direction about how income and assets are to be distributed. A trust can hold property for a certain period of time and require satisfaction of certain conditions before distribution. Trusts may have certain tax benefits as well. There are different types of trusts with varying purposes and benefits. Estate Planning Lawyers in Las Vegas can help you determine whether a trust is needed for your situation.

  1. Power of attorney 

A power of attorney can be utilized to grant another person the authority to act on your behalf. A power of attorney can be useful if you become incapacitated or circumstances otherwise limit your ability to handle your affairs. If there is someone you trust to assist you with various matters, then a power of attorney can be an efficient resource.

  1. Living will/durable healthcare power of attorney 

A living will or durable healthcare power of attorney sets forth your directives related to medical care. Through this document, you can set forth your wishes regarding medical support. You can also designate an agent to make healthcare decisions if you become unable to do so yourself.

  1. Gifts and other transfers 

Gifts and other transfers of property can also be pursued as part of an estate plan. There may be certain legal and financial benefits to transferring property. Las Vegas Estate Planning Lawyers can explain to you different options that may be available and how they may benefit your estate.

Why should you consult with an attorney about your estate plan? 

Estate Planning Attorneys Las Vegas will help you understand the different estate planning tools and how they may benefit your situation. We can provide legal advice that is specific to your needs and circumstances. Our Estate Planning Lawyers Las Vegas will develop an estate plan that is thorough and complies with all applicable legal requirements.

The team at Albright Stoddard Warnick & Albright is available to provide legal advice and assistance with your estate planning questions and needs. Contact us to learn how we can help.