One important thing individuals should take care of while they are still in the frame of mind to do so is handle the affairs of their estate. Planning the estate ensures that the real property and personal property the individuals own will not fall unwittingly into the hands of tax liabilities or probate court. It also helps to avoid other issues that might come up as a dispute against the estate. There is a law firm that does Estate Planning in Reno NV. These are some things that clients should know about planning their estate.
In planning the estate, the client will surely want to take care of a will. Without a will in place to state what the client’s actual wishes are, the person will die intestate. The state will step in, select an administrator, and the assets of the estate will be distributed accordingly. The distribution may or may not be as the deceased client wished. The will shall establish proper heirs, division or property and assets, and appoint the person the client desires to handle the final affairs.
Other things to be concerned with in the planning of the estate are how to avoid probate, establishing living trusts, living wills, the financial power of attorney, the health power of attorney, funeral expenses, life insurance, life estates, and issues with joint ownership. There are many other variables that can be considered in planning the estate, but these are a few things that should be urgently taken care of. For example, having the life insurance in place and the funeral expenses taken care are vital arrangements that should be addressed. Having powers of attorney for finances and health are also key ingredients in a successfully planned estate.
The Law Office of Todd L. Torvinen has been providing legal solutions to clients in the Reno, Nevada area for more than 21 years. The areas of practice for the law firm include estate planning, probate law and family law. The law firm does not charge a retainer but offers real-time solutions. If a client needs to speak to an attorney about Estate Planning in Reno NV, he or she can visit the website at http://toddltorvinenlaw.com/. Once there, browse to where directed to “Click Here.”