Important Life Factors to Consider When it Comes to Creating Your Estate Plan

While estate planning is often associated with the elderly or seriously ill, anyone can benefit from a comprehensive estate plan, particularly if you have children, substantial assets, or operate a business. This complex and nuanced area of the law is about creating a lasting legacy that you can pass on to future generations and addressing what will happen if you become incapacitated during your lifetime. It is also about preparing for and protecting yourself against unforeseen circumstances, such as a severe accident or a serious medical diagnosis that could disrupt your carefully laid plans.

Effective estate planning requires the creation of valid, properly executed, and legally enforceable documents that are part of a comprehensive strategy designed to achieve long-term objectives. Estate planning should begin by defining your priorities for how your assets will be managed and distributed during your lifetime, if you should experience times of incapacity, and after your death. Then, work with a qualified and experienced estate planning attorney to create the estate planning documents necessary to make your plan a reality.

With offices in Minden and Carson City, Nevada, the Vander Laan Law Firm, LLC, provides comprehensive estate planning services for individuals and families throughout Douglas County, Carson City, and Lyon County. Contact Natalia Vander Laan today to schedule a free consultation to discuss your estate planning needs and how she can assist you.

What Life Factors Should You Consider When Creating an Estate Plan?

Estate planning can be a complex undertaking, but Ms. Vander Laan can guide you through the process and help you identify important life factors to consider as you create and revise your estate plan. Two fundamental questions to consider as you begin estate planning are (1) How do you want to use your assets, and (2) how do you not want your assets to be used?

How Do You Wish to Use Your Assets?

Begin the estate planning process by asking yourself, “How do you wish to use your assets when you no longer control them, either because you are incapacitated or have passed away?”

Most people want to use their property to support and serve themselves and their families while they are alive. Many people wish to leave wealth to a spouse, children, or charities when they pass away. However, due to personal circumstances, you may have other plans for how you want to use your wealth.

As you consider your estate planning goals, ask yourself the following questions:

• Do you have any heirs or beneficiaries you want to leave wealth to?
• Will your estate plan provide adequate financial protection for your surviving spouse and any children?
• Are there charities, religious organizations, or causes you care about and would like to leave money to?

How Do You Not Want Your Assets to Be Used?

An equally important goal of estate planning is avoiding unwanted or unintended consequences when you are incapacitated and after your death. To answer that question, consider the following:

• How important is minimizing estate taxes and probate costs?
• Is avoiding probate important to you?
• Are there potential heirs or beneficiaries you would specifically prefer not receive any of your wealth?
• Will your estate plan eliminate potential conflicts between potential heirs and beneficiaries, such as who will inherit family heirlooms?
• Do any of your heirs or beneficiaries receive disability benefits, and would an inheritance negatively impact their ability to continue receiving them?

Life Factors to Consider As You Prepare and Revise Your Estate Plan

Estate planning is a dynamic and ongoing process. Pay attention to changes in family circumstances and be sure to contact your estate planning attorney to ensure your estate plan addresses the inevitable changes in your life circumstances.

As you prepare to meet with your estate planning attorney, consider the following questions:

• How have your life circumstances changed since your last meeting? Has your family experienced any marriages, divorces, births, or deaths?
• Has your net worth changed substantially since your last meeting?
• Do your estate planning documents reflect any recent changes in your health status, and will they allow a loved one or trusted friend to help you during a period of illness or incapacity?
• Have your ideas changed regarding charitable contributions?
• Have you selected the correct estate executor and trustee? Will this person look after your interests? Are they capable of being fair, or will their appointment create a potential conflict?
• Are beneficiary designations or IRAs and other accounts correct and up-to-date?
• Are assets properly assigned to your trust?

Once you have a clear picture of your estate planning goals, an estate planning attorney can prepare and revise your estate plan to help you meet them.

Contact the Vander Laan Law Firm, LLC, for Comprehensive Estate Planning Services

Natalia Vander Laan is a Nevada estate planning attorney who proudly serves clients from her offices in Minden and Carson City, Nevada. She works with individuals and families throughout Douglas County, Carson City, and Lyon County. Discover what makes her approach to estate planning unique, then call (775) 461-2897 or contact our law office today to schedule a free consultation to discuss your needs and how Natalia can assist you.