MYTH #1: Since I am young and not wealthy yet, I don't need a will.

Whether or not you are young or old, or wealthy, or not, everyone has an estate. You might not even realize it, but your employer may have either a life insurance policy on you for your family's benefit or they may be holding money for your eventual retirement even if you have only been there for a short time. Any money in your bank accounts, your car(s), your household items, everything you own is an asset that is part of your estate. Should you die these things will go into probate and without a will the state will decide who gets what. This can take months! With a will in place your loved ones will receive the items you leave to them much quicker and easier.

MYTH #2: I don't own anything of any real value to give to anyone when I die.

You'd be surprised at what your loved ones will consider their most cherished, sentimental items of yours. Often they aren't the items you would have considered a valuable enough asset to need a will. Everything from photo albums to who will be the guardian of your surviving children can be included in a last will and testament. It is important that you make these decisions or they will be up to the state to decided. We all know how bad that can turn out.

MYTH #3: I have a good family that will take care of my children if I were to die. I don't need a will for that.

If you do not appoint a guardian for your children you will be leaving it up to a judge to decide who raises them. He will not know the inner workings of your family and will only be able to go by the testimony of those who choose to petition for guardianship. The most conniving members of your family that you don't want raising your children will most likely be the ones raising your children unless you have a will expressing your wishes.

MYTH #4: Trusts are nothing more than tax shelters for rich people. There is no advantage for people like me.

A trust is not a tax shelter. It is a way to protect your assets from probate and to ensure that they go where you want them to go. You can set up a trust to hold your life insurance so that the proceeds from the policy are split up to cover things like making sure kids have money for continuing education, weddings, a house, etc. With a trust you can also avoid conservatorship in the even of your incapacity. Your loved ones will avoid probate and receive their inheritance much sooner. Also, your assets won't become public knowledge through probate records. Many criminals now scan these records to find new targets that have just come into money or new property.

MYTH #5: Attorneys are for rich people with a lot of money. I cannot afford one and they wouldn't want to work with me anyway.

This is absolutely false. Attorneys work with people of all income levels. Working with an attorney will often save you hundreds, if not thousands, of dollars in the long run. They will take the time to explain to you with real world examples the ins and outs of different forms of trusts so that you can work towards finding the setup that is right for your situation. An experienced attorney will have a wealth of knowledge from past experiences to bring to the table. Attorneys enjoy helping people to navigate the law. It is their life's work.



Do you need to speak with an attorney about setting up a will or a trust?

The law offices of Anthony L. Barney, Ltd. are experienced in probate, trust, family and civil practice. Call on them to assist you in your civil litigation matters whether they be in trial or appellate courts. They are standing by to assist you with a last will and testament in Las Vegas and they can also help you with a Nevada asset protection trust.

Feel free to read about more information on Nevada estate planning in their client resources section.

Disclaimer: The information provided on this website is for educational purposes only. It is meant to inform the reader and give them a general understanding of the law. It is not specific legal advice. If you need legal advice you should seek out a licensed attorney in your state.

 


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