Las Vegas Trusts &
Estates Attorneys

An estate plan is essential for several reasons:

• It allows you to specify who will inherit your assets upon your death instead of letting state law decide.
• It lets you name a guardian for your minor children.
• It can help you avoid or minimize estate taxes.
• It gives you control over your medical and financial decisions if you become incapacitated.
• It can simplify the legal process for your loved ones after your death, potentially saving them a lot of time and money.

If you die without a will or a trust, you are said to have died intestate. In this case, state law will dictate how your assets are distributed and a court will appoint an administrator to handle your estate. The distribution of your assets may not align with what you would have wanted and the process can be more time-consuming and expensive for your family.

Probate is the legal process of administering a deceased person’s estate if they die with assets in their sole name. It involves validating the will, inventorying assets, paying debts and taxes, and distributing the remaining assets to beneficiaries. This process is public and can be lengthy and costly. The primary benefit of a well-funded trust is that it helps you avoid probate.

A Power of Attorney (“POA”) is a legal document that gives another person, known as an “agent” or “attorney-in-fact,” the authority to act on your behalf, the “principal.” There are two different types of “POA”

• A Durable Financial Power of Attorney allows your agent to handle financial matters like paying bills and managing investments while you are alive and/or incapacitated.
• A Medical Power of Attorney or Durable Power of Attorney for Health Care Decisions grants your agent the ability to make medical decisions for you if you’re unable to do so yourself.

The person you choose to be your executor (for a will) or trustee (for a trust) should be someone you trust implicitly. This person will have significant responsibilities, so you should consider someone who is:

• Compatible: They must act in the best interests of your beneficiaries.
• Capable: They’ll handle legal paperwork, financial accounts, and asset distribution.
• Competent: They must be able to understand a basic level of how to administer your trust or the probate process.
• Available: They should be willing and able to take on the role. It helps if the executor or trustee resides in the same town or state as you but is not always necessary or practicable.

You can name an individual, such as a family member or friend, or a professional fiduciary, like a bank or a trust company, as your executor or trustee. It is also recommended to name a successor in case your primary choice is unable or unwilling to serve for any reason.