Las Vegas Estate Planning Lawyers
The attorneys at Robert L. Bolick, Ltd. provide clients with a purposeful estate plan, that is, we focus on you as our client and the beneficiaries – who you are and what you value – and we tailor your plan to meet your specific needs and objectives.
With over 55+ years of collective experience, the attorneys at Robert L. Bolick, Ltd. are here to get your affairs in order. Located in Las Vegas, Attorney Bolick serves Summerlin, Southern Highlands, Henderson, and throughout Clark County and the State of Nevada. Call today at (702) 478-1284 or reach out online to set up a free consultation.
What a Typical Estate Plan Includes
Generally speaking, a good estate plan will cover three broad areas – wills, trusts, and supporting documents such as powers of attorney. Each has its own complexities and variations, but most estate plans will include these documents.
A last will and testament is a good place to start if you have never done any estate planning. A common misperception about a will is that having a will keeps your estate out of probate when you die. Not so.
A will is helpful in that you can direct how your assets are distributed upon your death and you can designate who you want as your personal representative (executor) to handle your affairs.
Powers of Attorney
A durable power of attorney (“POA”) allows the client, as the “principal,” to name another party, the “agent,” to act on their behalf in the event the client becomes incapacitated. The term “durable” means that the POA is not terminated by the principal’s incapacity (see NRS 162A.040). Conversely, a “springing” POA only becomes effective upon the principal’s incapacity. Financial and medical decisions are the two principal ways a POA is commonly used.
A financial power of attorney gives the agent the power to handle financial decisions on the principal’s behalf, such as having access to bank accounts and managing stock portfolios. The POA can also name a guardian for the principal and allow the agent to sell or buy real property. Keep in mind that a POA is not a “license to steal,” and while a POA gives your agent power to manage your financial affairs, it is important to remember that the agent must act in a fiduciary capacity and in the principal’s best interests.
With regard to medical decisions, it is common for people to have strong beliefs about how they want their medical care handled in their final days, and a durable power of attorney for health care decisions nominates an agent to make medical decisions for the client in the event of their incapacity. The durable power of attorney for health care decisions specifies how the client wants decisions to be made in very specific and foreseeable situations, such as if the client is in a coma or how to provide pain relief medication. In Nevada, the durable power of attorney for health care decisions can also set forth the client’s wishes with regard to their living arrangements and if they wish to stay in the home if their medical needs can still be met (see NRS 162A. 860).
The attorneys at Robert L. Bolick, Ltd. have spent over 55+ collective years helping people protect their assets and their interests through estate planning. We serve clients in Las Vegas, Summerlin, Southern Highlands, Henderson, and throughout Clark County and the State of Nevada. Call today at (702) 478-1284 or contact us online to set up a free consultation.
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