Planning for the future can feel overwhelming, especially when it involves difficult topics like incapacity or death. But no matter the size of your estate, having a clear and legally sound plan in place is one of the most important things you can do for your loved ones. At Taylor & Leonard Law, we help clients create customized estate plans that reflect their wishes and protect their families.
The team at Taylor & Leonard Law has extensive experience in Nevada estate law, and we can help you develop a plan that fits your personal situation. Call us today at (702) 982-0880 to schedule a free consultation and let us put our experience to work for you.
Why Choose Us at Taylor & Leonard Law?
Choosing the right estate planning attorney isn’t just about credentials; it’s about finding someone you can trust with some of life’s most personal decisions. We also know that this process is deeply personal, so you need an attorney who will give you the attention and respect you deserve from start to finish. At Taylor & Leonard Law, we treat every client like family. Clients in the Las Vegas area turn to us for all their estate planning needs because:
- We are a small firm, yet we have large firm experience
- Clients get direct access to their attorney without going through layers of paralegals or assistants
- We provide extensive knowledge and experience at an affordable price
When you are ready to create an estate plan, you need an attorney who understands both the legal and emotional complexities of your situation. Contact us today to schedule a free consultation and let us help.
What Is Estate Planning?
Estate planning describes the comprehensive process of directing how your assets will be managed in the event of your death or incapacitation. While many people understand that a Last Will and Testament is part of an estate plan, it is also important to understand that an estate plan may cover certain situations during your life as well. For instance, if you are incapacitated in an accident or due to an illness, a good estate plan will provide for the ability to have someone manage your assets until you regain competence.
Common Estate Planning Documents
There are many legal documents that may be used as part of an overall estate plan. Each document has a different function and serves a specific purpose. Some of the most common estate planning documents used in Nevada include a Will, a trust, a financial power of attorney, and a medical directive, along with other supporting documents.
Last Will and Testament
A will is likely one of the most common estate planning documents people are familiar with. A will is used to direct how your assets will be managed and distributed after your death. Additionally, you may use a will to appoint the person responsible for distributing your estate as well as to name guardians for your minor children, commonly known as an “executor” or “personal representative.” In Nevada, anyone who is over 18 years of age and of sound mind may create a will.
Trusts
Trusts are powerful wealth management tools that provide many benefits. Generally speaking, a trust is an entity created under state law where one person creates the trust (the “grantor”), who transfers legal title to another (the “trustee”), who uses the trust to hold assets for the benefit of the named beneficiaries (the “beneficiaries”). A trustee is appointed to manage and distribute the assets in the trust, and they must do so according to the terms of the trust documents. Trusts are often used to avoid probate, but depending on the type of trust, they can also be used to minimize estate taxes, reduce or eliminate income tax, and transfer wealth to future generations..
Power of Attorney
A financial power of attorney is an important document that may be used during your life, as this document becomes invalid immediately upon your death. A power of attorney gives another person (the “agent”) the legal authority to make financial or other decisions on your behalf (the “principal”). This can be an extremely important document to have in place in the event you become incapacitated and unable to make these decisions on your own financial decisions.
Durable Power of Attorney for Health Care Decisions
In Nevada, a durable power of attorney for health care decisions allows someone else (an “agent”) to make healthcare decisions or decisions about your end-of-life treatments if you are unable to do so. This document can help you avoid putting your family in a difficult situation when making decisions about life support or other critical care in the event you are not able to do so for yourself.
Beneficiary Designations
Beneficiary designation forms are typically used to name a beneficiary for financial accounts, such as a checking or savings account, 401(k), IRA, or others. You may typically appoint a primary beneficiary as well as a secondary beneficiary in the event that the primary beneficiary passes away before you. In most cases, a beneficiary designation allows these specific assets to pass outside of probate.
Ways an Estate Planning Attorney Can Help
Estate planning does not have to be complex or reserved for the wealthy. The complexity of your estate plan depends on your personal situation and how you wish to administer and distribute your assets during life and upon your death. A knowledgeable and experienced estate planning attorney can help you by:
- Thoroughly listening to your situation and understanding your needs and goals
- Helping you develop a complete inventory of your assets and liabilities
- Advising you of your legal options and offering you solid legal advice
- Drafting estate planning documents, such as wills and trusts
It is never too early to start planning for your future by putting an estate plan in place. Using an experienced attorney can help ensure that your estate plan is valid and will accomplish the goals that you expect. Reach out to the team at Taylor & Leonard Law today to learn more about your estate planning options.
Talk to a Las Vegas Estate Planning Lawyer Today
Remember that estate planning is not just something that only wealthy people need to consider. This process is for anyone who wants to ensure that their assets are distributed according to their wishes. We can offer you strategic guidance for your specific situation to help ensure that your wishes are carried out. Call Taylor & Leonard Law today to schedule your free consultation with a Las Vegas estate planning lawyer.