Many Nevada residents know that they should have an estate plan in place, but, for whatever reason, they are hesitant to even start the process. Why? Well, in some cases, people find the estate planning process mystifying – they don’t know what options are right for them amongst so many potential arrangements. But, even though each estate plan will be different according to a person’s needs, avoiding risky missteps is a crucial part of the overall process.
As a recent article noted, anyone who is starting the process needs to know their own unique risk factors. It isn’t enough to just go with plain old “boilerplate language” in your estate plan. If the planner is advanced in age, for example, it is important to head-off any potential challenges based on testamentary capacity – the ability to competently craft a plan. Or, a person’s family history may involve multiple marriages and children from different marriages. Developing a plan to address these factors so that the estate plan is not at risk for challenges is crucial.
Another risky misstep is to get all of your advice on estate planning from one source. In many cases, besides legal input, an estate planner will need advice from financial managers and real estate and business valuation experts, just to name a few.
Lastly, don’t make the mistake of thinking that you only need one document – a will, for example – to address all potential estate planning needs. Most people will also benefit from power of attorney documents, as well as a living will to dictate desired medical treatment, if the need arises. An attorney can help you craft an estate plan that meets your needs and avoids probate litigation.