Many Nevada adults delay planning for the future because they feel that long-term planning is not necessary for their specific stage of life. Others may avoid the estate planning process because they assume they do not have the resources or wealth necessary to require a long-term plan. While talking about what will happen with personal assets and property after death is not a pleasant conversation, it is a necessary one, regardless of age and income level.
Don’t delay thinking about the future
When polled, around 40% of adults without an estate plan have said they simply haven’t gotten around to it. Life is unpredictable, and even those who are young and in good health will benefit from having financial and legal plans in place. However, perhaps because of the pandemic, many young adults are starting to see the importance of having an estate plan.
Others may not view their property as valuable or worth passing on, and they may not have a plan due to this assumption. Planning thoroughly can benefit those left behind who will be navigating the process of settling the estate after passing. Having a plan can reduce complications and confusion for those tasked with this responsibility.
What should be in a plan?
There is no one-size-fits-all estate plan. Each Nevada adult will benefit from having adequate plans in place for their own peace of mind and the benefit of their loved ones. An assessment of the individual case will allow each individual to understand the specific things he or she needs in a plan for the complete amount of protection and security.