Frequently Asked Questions

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Understanding Estate Planning

Our low-cost estate planning FAQ is here to answer your most pressing questions about the estate planning services we offer Nevada residents.

Estate planning is a vital legal process that manages and distributes a person's assets after death and provides directives in case you become incapacitated. It's essential for protecting your hard-earned assets and for unburdening your loved ones of the process of trying to guess your wishes when you are no longer able to express them. Unexpected events like accidents, illness, or death can happen at any time, regardless of age. It also allows you to appoint a guardian for your minor children.

Your Legacy prepares comprehensive estate planning documents to deliver a seamless and effective process for asset distribution.

  • Pour-Over Will: The cornerstone of any estate plan, a pour-over will communicates your wishes regarding the distribution of your assets, debt resolution, and the care of minor dependents.
  • Revocable Living Trust: Primarily designed to bypass the tedious, often expensive probate process, trusts also offer benefits like privacy and control over your assets even after your demise.
  • Financial Durable Power of Attorney: This document empowers an individual of your choice to manage your financial affairs if you become incapacitated and are unable to make decisions.
  • Healthcare Durable Power of Attorney: Similar to a financial power of attorney, this document allows a trusted individual to make medical decisions on your behalf should you become incapacitated.
  • Living Will: Also known as an advance healthcare directive, a living will outlines your preferences for end-of-life care, ensuring your wishes are respected during a critical illness.
  • Beneficiary designations: By designating beneficiaries on your financial accounts, retirement plans, and life insurance policies, you can provide for your loved ones directly without going through probate.
  • Letter of Intent: Though not a legally binding document, a letter of intent provides additional clarification or directive for the disposal of your assets or personal wishes.

A Revocable Living Trust, or just a "living trust," is a legal document used to manage one's assets. It applies while one is alive and outlines asset distribution after death. Created by a person known as the settlor or grantor, this form of trust offers several advantages over a will. For instance, it can bypass the probate process after death, maintain control over all assets, and prevent court intervention during periods of incapacitation.

A will, on the other hand, is a legal document that only takes effect after your death. It directs who will receive your property at your death and appoints a legal representative to carry out your wishes. However, the validity of a will is determined in a probate court after your death, which can often be a long and costly process. Wills and Living Trusts empower you to designate heirs for your assets. However, only a living trust offers control over these assets during your lifetime and after passing away. Added benefits of a living trust include privacy and reduced likelihood of dispute over its terms.

A common misconception is that having a Revocable Living Trust eliminates the need for a Pour-Over Will. However, this is not entirely accurate. A Revocable Living Trust can help manage your assets during your lifetime and distribute them after you pass, but it only covers assets you transferred into it.

The idea of the Pour-Over Will is as a safety net. This legal document essentially allows any assets not held in your trust at the time of your death to 'pour over' into the trust. It ensures these assets become part of your trust estate and are, subsequently, distributed according to your trust’s terms. Without a Pour-Over Will, any assets not included in your trust could be subjected to intestate succession laws, potentially resulting in an unintended beneficiary receiving the asset. This oversight can lead to unnecessary family conflicts and legal complications.

An Advanced Healthcare Directive, also known as a living will or personal directive, is a legally binding document that outlines your wishes regarding your future healthcare treatments. It covers scenarios where you may not be able to express informed consent, such as due to severe illness or incapacity. Having an Advanced Healthcare Directive is essential because it provides clarity and guidance to medical professionals and your loved ones about your healthcare preferences. This could encompass decisions around life support, resuscitation, or end-of-life care, including palliative treatment.

A Healthcare Durable Power of Attorney (HDPOA) provides a specified person, called an agent, with the legal power to make healthcare decisions for another person. This power activates when the person granting the authority is unable to make their own medical decisions due to illness or incapacitation. The range of the agent's authority can be either general or specific, depending on the individual's preference. Commonly, it includes decisions about treatment options, medical procedures, selecting healthcare providers, and making end-of-life choices. For example, the agent could decide to authorize or refuse certain medical treatments, pick particular healthcare professionals, or choose between palliative or hospice care options.

The answer is simple: anyone wishing to safeguard their assets, provide for loved ones, and avoid potential disputes. It includes individuals at any asset level, from those just beginning to accumulate wealth to those with substantial estates. The scope of estate planning is not confined to the wealthy. Your Legacy, with its comprehensive suite of estate planning services, is well-equipped to assist married couples planning for the future. Marriage introduces several complex tax and property law considerations that can be expertly handled with our team's assistance. Business owners also stand to benefit greatly from estate planning. By properly structuring your assets, your durable business can continue operating smoothly even after you pass, reducing uncertainty and financial hardship for employee and customer communities.

Equally, single individuals and parents with minor children should seek Your Legacy's estate planning services. Central to estate planning is the appointment of legal guardians, ensuring that your children will be cared for in exactly the ways you desire. Additionally, individuals with philanthropic leanings may find estate planning beneficial. A robust estate plan can optimize tax benefits and ensure your charitable intentions are fulfilled. Lastly, those facing illness or advancing in age should consider estate planning. Advance healthcare directives or living wills are crucial documents that instruct healthcare providers how to make decisions if you are unable to make them yourself.

In fact, estate planning is a prudent step for anyone with assets they wish to protect and distribute according to their intentions. By failing to act, you trust state laws and courts to make these decisions, often resulting in unintended, undesirable outcomes.

Without an estate plan, you forfeit the ability to control how your assets are distributed after your death. Dying without an estate plan or will is known as "dying intestate." In such cases, your properties will be allocated based on the laws of intestate succession. These legal principles determine who inherits your estate in the absence of a will or other estate planning tool. This process could disrupt your intended distribution of wealth, possibly leaving your loved ones, especially those not related by blood, unprotected or causing undue hardship or financial distress.

In the case of sudden incapacity, the absence of an estate plan, including medical directives, may also mean you have not legally designated someone to make financial and healthcare decisions on your behalf. This could potentially lead to disputes among family members concerning who should manage your affairs, and it may not reflect your personal wishes.

In short, not having an estate plan increases the risk of wealth erosion through unnecessary taxes and probate costs, familial conflicts, and a delay in asset distribution. Proactively creating an estate plan allows you to avoid these issues. It also provides you the knowledge that your assets will be safeguarded and your loved ones will be cared for in the manner you intend.

A Financial Durable Power of Attorney (DPOA) provides your chosen representative or agent with the legal right to handle your financial matters. These duties might include bill payment, managing investments, filing taxes, buying or selling property, and even deciding on retirement benefits. The DPOA imparts considerable power, but it is built on a foundation of trust and lawfulness. Your agent has a legal requirement, or fiduciary duty, to act in your favor. Their actions must prioritize your financial stability and exhibit the highest degree of care and prudence.

Unless specified, a DPOA is operational at the time of its signing. This provision means your agent can act on your behalf immediately, even if you can manage your finances. Alternatively, a DPOA can be "springing" and only take effect under certain conditions, typically if you're incapacitated. However, a DPOA doesn't remove your authority to handle your finances as long as you're able. Instead, it shares this power with your designated agent. This arrangement provides a safety measure if you're unable to make financial decisions.

Indeed, you can—and should—make changes to your estate planning documents as your circumstances evolve. Changes in financial status, family structures, marital status, or significant legislation may necessitate a review and possible modifications to your estate plan.

Estate planning is not a one-time process. It is a dynamic undertaking that must adjust to shifts in your personal, financial, and legal situations. For instance, a birth, marriage, divorce, or death within the family may require an update to your estate plan. Similarly, a substantial increase or decrease in the value of your assets could necessitate strategic modifications to your estate management plan. Changes in laws could significantly affect your estate plan's effectiveness. With revised tax laws or inheritance legislation, an estate plan may need adjustments to ensure it continues to achieve its intended objectives.

Your Legacy's flexible approach means you can update your planning documents whenever required, ensuring they remain functional and up-to-date. Typically, it's advisable to review your estate plan every three to five years or whenever significant life events occur. A significant life event can be a marriage, the birth of a child, the acquisition of new property, or other big changes in your financial or personal situation.

Tax-related issues can arise in the absence of proper planning. While an estate plan itself does not constitute a taxable event, the distribution of assets can trigger tax repercussions. In response, Your Legacy offers expert advice on tax implications and strategies to minimize potential taxes.

Your Legacy offers quick estate planning consultations designed with your convenience in mind. You begin by visiting our website and selecting the "Get in contact us" tab located on the home page. Once there, you will see the appointment request form, where you can indicate your preferred date and time for the consultation. After the submission of your request, our team will contact you within 24 hours to confirm the details. If your preferred timing aligns with our schedule, we will confirm your appointment directly. In the event there's a scheduling conflict, we will collaborate with you to propose alternative options that best accommodate your needs.

A consultation typically last around 15 minutes with follow up communications as well. Understanding that each client's circumstances are unique, Your Legacy synthesizes years of experience and legal expertise to craft strategies tailored to each individual's situation.

The consultation will almost always be via online video or a call. Prior to the call, you should fill out and return the intake form on our website to streamline the process. We can answer any questions you have about the intake form during the consultation.

This is where Your Legacy shines, offering complete all-in-one estate planning for just $999—a substantial savings when compared to traditional, brick-and-mortar services who often charge up to $2,500 for a simple trust. Your Legacy's online approach allows us to pass savings along to you and your family.

Not at all. The all-in-one estate planning documents are attorney prepared and reviewed and will be just as effective and quality as estate planning documents prepared by must more expensive law firms. Your Legacy believes that every person should have an essential estate plan, and for that reason is willing to do the work at a cheaper price.

It includes five documents: revocable living trust, pour-over will, medical power of attorney, financial power of attorney, and living will. These documents have the standard choices that most people elect for their estate planning. In the event you want to make substantial modifications to the standard choices, an additional cost will be quoted to you.

Our services exclusively cover estate planning for Nevada residents. Documents such as trusts and wills are recognized in all states. However, moving to a different state may require certain adjustments or restatements depending on the state's specific laws.

When you relocate to a different state, the validity of your estate planning documents may not be altered. However, it's crucial to understand that estate law varies greatly from state to state. While your will, trust, or other estate planning documents may still be legal, their administration may differ if you no longer reside in Nevada.

Remember, estate planning is a dynamic process, not a one-time event. Any significant life change, such as moving to a new state, should trigger a review of your estate plan. This proactive approach will help ensure that your assets are protected, your wishes are honored, and any potential conflict among your loved ones is minimized.

All estate planning documents prepared by Your Legacy are legally binding and crafted by expert attorneys to ensure they meet all requirements. Our primary objective is to help clients secure their legacy, protect their loved ones, and gain some measure of control over an uncertain future.

Yes. If you are married, the all-in-one package will include a comprehensive estate plan for both spouses and a joint revocable trust.

Yes. A licensed Nevada attorney from Hogan Hulet PLLC (Jeff Hulet or Ken Hogan) will prepare and review your all-in-one estate plan, along with a consult with you directly to answer your questions.

Your all-in-one estate plan will be prepared and ready for you to sign within seven days from when you return the intake form and provide payment.

We prefer payment via credit card, but we also take all forms of payment - cash, check, or wire.

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