| One of the most important things that you can do in your life to preserve and to pass on your wealth to your family is to create an effective Estate Plan. An effective estate plan also ensures that your desires are adhered to and that your estate is protected in the event that you become incapacitated. While a Will is what the average individual thinks of when contemplating an estate plan, there are many other important aspects that probably should be a part of your Estate Plan. An effective Estate Plan that will properly protect your interests during your lifetime as well as the interests of your family following your death may include the following:
One of the most important aspects of estate planning is planning to avoid having your estate end up having to go through the probate process. Probate is a long, time consuming and expensive process. If your estate ends up in probate, your family will not only have to endure the long probate process but they will also see the value of your estate diminished from what it could be through the expenses of the probate proceeding. While a Will is a valuable tool that allows an individual to specify “who get’s what” upon your death, a Will is also a ticket to probate court. In order for the terms of the Will to be legally carried out, the Will has to be submitted to probate court and the estate then goes through the statutory probate process (which is essentially the same process as for an estate where no Will or other estate planning has been done, except that, unlike the person who died without a Will or Trust, the Will will specify who gets the proceeds of the estate at the end of the day). A Living Trust is one of the primary components to an effective estate plan. A properly formed and funded Living Trust can avoid the probate process altogether and will serve to preserve the value of your estate. Just as with a Will, the Living Trust will spell out “who gets what” in the document and that will ordinarily happen without any court involvement at all. A Nevada Asset Procection Trust (Nevada Spendthrift Trust) can also play an important part of your estate plan. Unlike an ordinary Living Trust, a properly established and maintained Nevada Asset Protection Trust can protect the assets that are held by the Trust. Just as with an ordinary Living Trust, the assets that are held in the Nevada Asset Protection Trust will avoid the probate process and will have a plan of distribution upon your death. A Nevada Asset Protection Trust can also peacefully co-exist with a Living Trust and other estate planning devices. R. D. Johnson Law Offices offers a free 1/2 hour consultation for Estate Planning. During the consultation we will assess your specific situation and offer a course of action that will best fit your needs and accomplish your goals. Don’t wait to take the first step toward protecting you and your family’s interests and call us for a free consultation regarding your Estate Plan. |
