ESTATE PLANNING

Estate Planning Attorney

Book of Estate Planning Law — Reno, NV — the Law Offices of Charles Zeh Law Offices Esq
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during life and after death. Estate planning addresses two concerns. First, it is a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate through tax planning. Second, it is planning for incapacity during life. Your specific goals and needs determine the type of estate plan we can provide. An estate plan may be as simple or complex as your needs dictate.

Some people mistakenly believe that estate planning is only for the wealthy, i.e., one must have an “estate,” a large amount of money and/or property. This is not the case, as nearly everyone would benefit from having documented plans for their disability or death. Estate plans set out not only what the client wants to occur, but also who will be responsible for it. Without this type of planning, court involvement and supervision may be required, with the associated expenses.

Estate planning involves the Will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney. The commonly used documents are described below.

Wills are a common estate planning tools, and are usually the simplest device for planning the distribution of an estate. Wills have two basic functions, to identify an administrator and to dispose of the decedent’s property. It is important that a Will be created and executed in compliance with the laws of the jurisdiction where it is created.

Trusts offer a high degree of control over management and disposition of assets. They may be used as an estate planning tool to direct the distribution of assets after the person who creates the trust passes away. For example, a trust may be used to provide for the distribution of funds for the benefit of minor children or developmentally disabled children. For example, a spendthrift trust may be used to prevent wasteful spending by a spendthrift child, or a special needs trust may be used for developmentally disabled children or adults.

Advance directives provide instructions for a person’s healthcare and finances should the person become legally incapacitated. An estate plan may include a healthcare proxy, durable power of attorney, and living will. With these documents in place, your loved ones will have the power to manage your affairs without the need of going to court.

The title to real estate and the designation of a bank account can transfer property to a beneficiary upon the death of the grantor. It is common for people to use joint titles or accounts as part of an estate plan because it is cheap and easy. However, there are risks which are not associated with the other types. For example, if you are on a deed or bank account with someone who declares bankruptcy, your property is likely to be in their bankruptcy.

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