Planning for your future takes on a new, pressing meaning as you gain in years. While you might have been planning for retirement for decades, you now have new pressing needs, such as wills, potential trusts, and medical directives you should have in place.
Part of elder law is planning your estate, who should get your assets when you pass, and what your will should say. On top of that, you should plan for incapacity, whether caused by a health issue or old age. This means securing living wills, powers of attorney, and other instruments our attorneys can help with.
Call Flake & Flake’s elder law attorneys at (702) 829-5731 for a free case review today.
Estate Planning
One of the best ways to make sure your wishes are carried out as you get older or deal with an illness is to make sure that all of your affairs are taken care of. This means planning for what happens to probate and non-probate assets.
Probate Assets vs. Non-Probate Assets
Much of the “stuff” you own will be “probate assets,” that is, the money and items that pass through a will. However, assets that go through a will are subject to public disclosure through the probate process. This ties up assets and exposes them to creditors.
However, some assets are “non-probate” assets and skip this process.
Examples
Most property, such as money in an account or the furniture in your house, will be probate assets.
Non-probate assets usually fall into one of these categories:
- Jointly owned property
- Jointly owned accounts
- POD (payable on death) or TOD (transfer on death) accounts or assets
Wills
Your will dictates how your assets will be passed. Anything that goes through a will usually has to go through probate.
You can customize your will with specific bequests, all with the goal of making sure the heirs you choose inherit your estate. Without a will, everything would pass via the “intestacy statute” instead, which sends everything to your closest relatives first.
Other Options
Outside of wills, you can use other instruments and setups to customize how your assets pass on, all the while protecting them from creditors.
One of the most common ways to handle assets is putting them in a trust, where the trustee can manage them for you, and they can pass on to a different named beneficiary when you pass.
Preparing for Incapacity
Anyone who lives long enough will typically face periods of incapacity, whether that includes being asleep for surgery, incapacitating cognitive issues, or inability to handle your assets yourself as you get older. Planning ahead for how decisions can be made for you is important for yourself and your family.
What Qualifies as Incapacity?
Under NRS 162A.070, incapacity simply means that you cannot manage your own property or affairs. Usually, this comes from impairment, but it can also apply if you are missing or unable to return to the U.S.
For older adults, this commonly happens because of mental issues (whether from a diagnosable condition like Alzheimer’s or dementia or not) or after a serious medical event like a heart attack or stroke.
Power of Attorney
The most common way to put someone else in charge of your assets and financial decisions is through power of attorney documents. This writing lets you appoint a person – such as an adult child or grandchild – to access your accounts and use your money as if they were you.
This can help ensure that someone is there to pay your bills and taxes and make decisions about your finances when you are unable to do things yourself.
Living Will
A living will instructs your doctors and caregivers about how you want to be treated when you cannot say so yourself. This can help them make decisions about whether you want CPR or feeding tubes or not.
A living will generally lets you set when you are “too far gone” – e.g., can you still communicate, or can you still recognize family? – and what steps should be taken at that point.
Advance Directives and Durable Medical Power of Attorney
All of these documents are “advance directives,” but one specific document you may need is a medical power of attorney. This empowers someone to make medical decisions when you cannot.
While a living will might help doctors understand your wishes, it might not cover everything. Having someone with durable medical power of attorney in the room empowers them to enforce your decisions when you are incapacitated or dying.
DNRs
A Do Not Resuscitate (DNR) order is a form of living will that says you do not want extraordinary measures taken if you are in a vegetative state. Many people want to pass peacefully instead of being put on life support, and a DNR helps enforce their decision.
FAQs for Our Elder Law Attorneys in Las Vegas
Who Decides Healthcare Questions if You Are Incapacitated?
First and foremost, you do. You can leave instructions like a living will to say what steps you want taken.
When the living will does not provide specific answers, you can use a durable medical power of attorney to appoint people to decide for you. This can give the decision to a spouse, a child, or another family member, or to a group of family members who need to agree on actions.
How Early Should You Have a Will?
If you own a house and have children, you should probably have a will. It is never too late; if you are getting on in years and still do not have a will, call our elder law attorneys to get the process started.
How Often Should You Update Your Will?
Wills should be updated if you face any big life or financial changes – such as the death of a spouse or the birth/death of a child. You should also check with your lawyers every few years to see if changes in the law might allow you to improve or update your estate planning.
Can You Appoint Someone to Manage Your Finances for You?
Yes. This is typically done through a power of attorney document, but you can also potentially put your assets into a trust. Then, the trustee in charge of the trust can manage your assets for you through the trust.
Do You Need a Lawyer to Write Your Will in Nevada?
Technically, you may be able to write your own will or use a form will from the internet, but you should always have one made specifically for you instead of using forms. Always have a trained lawyer look into your specific situation when writing your will.
Call Our Elder Law Attorneys in Las Vegas Today
For a free review of your needs, call Flake & Flake’s elder law attorneys at (702) 829-5731.
