Rachelle Nicolle, an attorney for more than 25 years, can't stress estate planning enough, especially for a person age 60 years or older. Her specialties include estate planning, living trusts, wills and probates.
She has many good suggestions to help begin the process.
"Documents should be in place to make a graceful transition in life," Nicolle said. "Designate someone who will take care of you if you become incapacitated, define how much medical intervention you might want, decide where your estate goes after your death.
"Go over any estate planning documents. Many folks have moved from other states and find out their documents won't do for Nevada, or may not be signed properly, maybe they forgot about a new bank account or the purchase of a home.
"A will should be kept where it can be found. A safe deposit box cannot be opened by your administrator until he goes to court to get permission. A fireproof safe is probably the best and safest idea. A safe deposit box can be useful for the safe keeping of jewelry or coins.
"A wise choice for an executor would be a level-headed person who can take the stress of probate, which is a stressful duty, and one who is good with money and can follow through.
"Health care documents are most important. Today a loved one can legally be kept alive with no quality of life, so an attorney should draw up a detailed document that states you do not want resuscitation and back it up with names and addresses of your health care agents and a person authorized to make medical decisions.
Hospitals also have forms available. A copy should go to all who are involved " your doctor, hospital, be kept with you when you travel and any other healthcare agents. A hospice can provide information about this, too.
"Financial information should be kept handy. Millions of dollars are lost because no one knows where all the assets are located. There are guidebooks available to fill in the blanks with pertinent last wishes and personal information. Your attorney usually keeps a photocopy of your documents, but the client keeps the original copy. I have had some clients who have made final arrangements with a cemetery and mortuary, paid for them, but did not tell loved ones."
When asked how to prepare for retirement, Nicolle wisely said, "Make sure you have enough assets to last a long time. Review this with your financial planner who can help in these stressful times. Make you major life decisions and have the proper documents.
"In Nevada, if you are disabled and your loved ones are all out of state, they cannot go to court for you and a public guardian will have to be appointed to handle your affairs. Only Nevada residents can be administrators. However, an executor of your estate can be from out of state.
"A power of attorney can be a problem also, since identity theft has become so prevalent. Banks are cautious and hard to deal with. However, banks will accept a living trust.
"On the subject of banking, do not put your grown child on a bank account, joint owners can be trouble. That joint account takes that asset out of your will or trust and all the funds will go to the joint owner when you die.
"A POD (payable on death) on a stock brokerage account will take care of avoiding probate, but there can be no access before you die."
Many ask what is the purpose or value of a trust versus a will.
"A good trust package creates a safety net. The trustee can step in and take care of things such as paying bills, medical decisions, and preparing income tax. With married couples there is some estate tax avoidance.
"A trust avoids probate. A probate takes an attorney lots of time filing notices and in court and that makes it expensive. Although a will is less expensive up front, it has to go to probate and be supervised by the court. A ballpark figure price for a will is $250 for a single person and a trust package is $1,395, but in the long run, a trust is a good value."
Nicolle recommends consulting a knowledgeable attorney who specializes in estate planning. It is risky to try to handle it yourself and getting help will give you peace of mind.
For information, call 782-0442.