Handle Your Estate Planning Like Royalty: Get Help From an Attorney

When the Queen of England took her last bow, every detail of her grand spectacle, from estate management to her funeral farewell, was meticulously scripted.

While most of us won’t have the experience that comes with being royalty, getting clever with our estate planning puts us at almost the same level in estate planning. 

Hi, in today’s blog, we will discuss practical tips for mastering your estate planning game. We will also talk about who needs estate planning and why you need an attorney for the same. 

Who Needs Estate Planning? 

Have you completed your 18th birthday? You can start estate planning. Without the same plan, you have no control over what happens to your asset after you. 

Further, in your absence, the state law or the court will decide what to do with your estate if there is no planning input from you.  And as you know, the court law or the state decision may not be the same as what you thought about the estate. 

Moreover, estate planning becomes essential when you need answers to any of the following questions. 

• Who will inherit your assets?
• When and how will they inherit your asset?
• How can you pass on the estate to your beneficiaries with asset protection? Asset protection is crucial if you don’t want the asset to be taken in a lawsuit, bankruptcy, or divorce. 
• Who will raise your children when you die or become incapacitated?
• Do you want to be hooked up to life support devices if you are in a vegetative state or irreversible coma?
• Who will make the medical decisions for you when you are unable to do so? 

Having said that, your estate planning should align with the Nevada laws. Even if you have just moved from another state to Nevada, you need to update your plan at the earliest. 

This is crucial to meet legal and regulatory provision compliance. Moreover, it eliminates complications during a trust administration process or probate. 

An estate planning attorney in Nevada will take care of your legal documents, and they will build the account or trust to ensure that your assets are managed and passed on according to your wishes. 

How Can  You Master Estate Planning in Nevada?

The law of estate planning and probate in Nevada ensures your protection, as well as the protection of your family and assets. Now, there are various aspects covered in estate planning in Nevada. 

It covers:

• Legacy planning
• Incapacity planning
• Asset protection planning
• Bloodline protection planning
• Divorce protection planning
• Pet planning
• Special needs planning
• Incapacity planning
• Charitable planning
• Tax planning
• Remarriage protection planning

Furthermore, estate planning is done to avoid probate and the intervention of the court of law. 

If your estate planning cannot avoid probate, the court will oversee the matter to pay your creditors, validate your will, settle all the assets, and pass on to the beneficiary as mentioned in your will.

However, if you don’t have a will, in your absence, the intestacy laws of Nevada will decide everything about your estate. 

Having said that, these are practical tips you can follow for estate planning like royalty. 

1. Privacy

The Queen enjoyed unparalleled assistance, thanks to her position and legal protections under English law. 

For the average Joe or Jane, such documents become part of the public record through probate—a legal process that confirms an executor and officially recognizes a will. Besides the publicity, it can also be pretty costly.

If having everyone from nosy neighbors to distant relatives know your business does not sound appealing, consider setting up a trust. 

Trusts come in various flavors—revocable, irrevocable, living. Each type serves different needs and keeps your financial matters private while bypassing the probate process entirely. 

2. Cherished Belongings List

Like the Queen, you can carefully choose recipients for her treasured possessions; anyone can direct special items to dear individuals through their estate plan. This gesture can carry significant emotional weight, symbolizing love and remembrance. 

“In many states, including Nevada, this can simply be done by attaching a personal property memorandum to your will. Just jot down a list detailing which items should go to whom—whether it’s a beloved book collection or that shiny family heirloom,” says estate planning lawyer Tyson Cross of Cross Law Group. 

This approach ensures your wishes are fulfilled and adds a personal touch to your legacy.

3. Generational Trusts and Savvy Tax Strategies

King Charles III inherited the Duchy of Lancaster from the Queen tax-free due to a UK law. 

Americans can leverage generational trusts, also known as dynasty trusts, to protect their assets from taxes while passing wealth down through multiple generations. 

These trusts can last for decades, sometimes even centuries, depending on state laws. By placing your assets in a generational trust, you effectively shield them from estate taxes at each transfer between beneficiaries. 

This strategy preserves more of your wealth for future generations and establishes a lasting legacy, similar to royal traditions.

4. Funeral Blueprint

The Queen meticulously planned every detail of her final farewell, from the florals and hymns to the procession lineup. 

This ensured respect for her wishes and alleviated stress for her loved ones during a tough time.

Similarly, outlining your funeral preferences can provide clear guidance for your family and help prevent any potential disputes. 

Legally, you can specify these details in your will or through a separate funeral planning declaration. 

Navigating with Expert Guidance: Estate Planning in Nevada

Having a sharp lawyer on your side in your estate planning is like having a royal advisor in your corner. 

These legal professionals are key to everything from creating trusts that keep your affairs private and tax-efficient to getting all those personal property details and funeral plans down on paper. 

Like the meticulously organized ceremonies for royalty, an attorney helps ensure that what you want actually happens.

So, even if the law allows you to do your estate planning on your own, you need an attorney to ensure that your documents are not legally invalid and your estate planning is in compliance with state law. 

Moreover, the attorney will help you do the estate planning according to your financial and family conditions. 

Read More:

• The Basics of Estate Planning in Texas
• Important Best Practices for Will and Estate Planning
• Are Lawsuits Taxable? Things You Don’t Know But You Should!