Estate Planning FAQs | Estate Planning Basics

Estate Planning Basics

What is Estate planning? This is probably the most frequently asked question we encounter. Here’s a simple explanation.
What does an estate plan actually include? An estate plan includes a will plus other documents meant to cover all the problems that arise when the unthinkable happens. Here is a complete list of the documents most commonly included in an estate plan.
I’m not rich. Do I really need an estate plan? Yes, estate planning is for everyone. Here are the benefits of having an estate plan, whether you’re rich or not.
Aren’t I too young? It’s never too early to have an estate plan, but it’s often too late. Don’t be one of those people who put off estate planning until it’s too late and, as a result, leave their family unprepared and unprotected.
Won’t my spouse get all my property anyway? In some cases, no. The laws of intestate succession in Nevada do not always give everything to your spouse. Here’s some more information on Nevada’s intestacy laws.
I already have a will. Do I need an estate plan? What’s the difference? A will is just one part of an estate plan. You should also have a financial power of attorney, healthcare power of attorney, and maybe a living trust.

Hiring an Estate Planning Attorney

How much does estate planning cost? It’s common to think that an estate plan is too costly. Here’s some information on the fees our office charges for estate planning services, many of which are very affordable.
I found some forms online. Do I need a lawyer, or can I just use these? Here’s our thoughts on cheap and easy online forms.
Do I need a lawyer for a simple will? Not every person needs an estate planning lawyer to draft their will. Here’s our take on it.
My estate plan was drafted years ago, and I don’t remember the lawyer who did it. What should I do? This is not a problem. You can bring your estate plan into our office for review and re-drafting (if needed).
I can’t afford a lawyer. What are my options?” There are a number of low-cost or even free services and resources for those who can’t afford to hire a divorce lawyer. Here’s a list of resources in the Reno-Sparks area.

What Is the Difference Between a Will and a Trust?

Wills and trusts are two different tools for distributing property after your death. The difference is how your property is distributed. With a will, your property is distributed through the probate process, which can be costly and time-consuming depending on the size of your estate. With a trust, your estate will skip probate and go to your loved ones with minimal cost and delay.

Read the rest of this page to consider the advantages and disadvantages of each before deciding which is best for you. If you still have questions, schedule a free consultation with our Reno estate planning attorney.

Will vs. Trust: Advantages and Disadvantages

Wills

Simple and inexpensive
No need to re-title assets
Must go through probate
Cannot manage or restrict inheritances
Not useful in case of disability or incapacity
Becomes part of public record

Living Trusts

Avoids cost and delay of probate
Can manage or restrict inheritances
Provides protection in the event of disability or incapacity
Does not become part of the public record
More costly to set up than a will
Must re-title assets

Living Trust or Will: Which One is Right for Me?

There’s no right or wrong answer when choosing between a will or trust.

As a rule of thumb, we’ve found that the cost-benefit of a living trust becomes most favorable when there is real estate involved. Even if it’s just a primary residence, the cost savings of avoiding probate can exceed $10,000. Compared to the cost of setting up a trust, the savings are apparent.

Aside from just the cost, living trusts tend to be a good choice for clients who are concerned about handing over a large inheritance to their children, either because their children are still very young or have shown signs of financial irresponsibility. A living trust allows these clients to manage and protect their children’s inheritance by restricting their access to the funds.

For clients who have no real estate and/or aren’t worried about their children’s inheritance being mismanaged, a Will is often perfectly adequate.

Will and Trust Attorney

Regardless of which one you choose, we can help you set up a will or trust for your estate. Schedule an initial consultation with one of our knowledgeable attorneys today.