Some of our readers in Nevada may wonder, what are the most basics parts of an estate plan? Well, as a recent article noted, in many cases the most basics components of such a plan are: a will; power of attorney documents for financial matters and healthcare matters; a so-called “living will,” which is actually a directive to family members and healthcare professionals regarding what type of end-of-life treatment you do and do not want to receive; and, for some people, a trust for some or all assets they own.
Unfortunately, no two estate plans are the same, which means that any time a person dies there will be some “piecing together” of what documents are in place and what those documents provide in terms of instructions to surviving friends and family members. Without proper estate planning documents in place, or if the documents that do exist are faulty in some way, the potential for probate litigation increases.
For example, there could be instances in which a will is challenged as being invalid, perhaps because there is another, more up-to-date will, or maybe because of allegations that the person who executed the will did not have the appropriate “testamentary capacity” at the time the will was executed. With any estate planning document, there may be allegations of “undue influence,” meaning that a person believes that someone wrongfully induced the person who made the estate plan to make certain decisions. There are any other possible challenges as well.
Every Nevada residents could likely benefit from having a comprehensive estate plan in place. However, just having the documents drafted and then signing them isn’t enough. Those documents must be proper and appropriate for your unique circumstances.