Who Needs an Estate Plan? Anyone who owns a business or investment properties, single or married, no children or blended family, or if you want to make a special gift upon your death or cut someone out of an inheritance, needs an estate plan. The estate plan with a Trust also allows heirs to avoid the costly process of probate court. Without an estate plan, the law of the State where a person resides when they pass away will determine how their assets are distributed.
There are 9 Essential Steps for Estate Planning: consult with an attorney and your tax adviser and draft a will and trust, prepare a health care decision and file with the Nevada Secretary of State, designate financial power of attorney, considerations for guardianship of minor children, designate beneficiary or “payable on death” for every investment and bank account, procure life insurance, make funeral plans in advance and cover funeral expenses, consult with an attorney regarding businesses and investment properties you own, and securely store your documents and passwords. Importantly, knowing your wishes upon passing and accessibility to financial records are the keys to a successful transition of assets to your survivors.
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