How many seniors in Reno and the state as a whole are participating in estate planning?
Older adults who do not have a last will and testament prepared at their time of death inadvertently pass on the responsibility of distributing their assets to another entity like a local court. Going through a probate process is not easy for the heartbroken family members left behind. But seemingly, it is a common occurrence according to the following IRS data highlighting simple and complex trust documents filed in Nevada:
The state of Nevada’s population of seniors aged 65 and over is just more than 530,000, as of 2020. When comparing to the number of complex and simple trusts filed, it’s clear that not enough older adults have created plans to pass their assets on to loved ones. If your senior is among the Nevada population that has not planned their estate, now is a great time to connect with a reputable Reno estate planning attorney.
Does Reno senior citizens’ income affect the likelihood of having a will?
While estate planning does not have a specific income requirement, some people believe that only individuals with a lot of money create wills to distribute their assets. Do the actions of people in different income brackets reflect this belief? Here is a look at the prevalence of wills by income:
The data shows that more people in lower income brackets should feel empowered to create wills. Many people have assets outside of cash like a home, car, furniture, jewelry, family heirlooms, and other valuables that family members will have to distribute on their own. If there are any disputes regarding the distribution of assets, a probate court might have to get involved. This type of conflict could easily be avoided by enlisting the help of a reputable Reno estate planning attorney.
How to choose the best estate planning attorney in Reno
Sometimes seniors opt out of looking for a lawyer who specializes in estate planning services in Reno because they already work with an attorney. But it might be better to find an expert who has in-depth knowledge of this specific area of law. Your older adult might want to have their assets distributed among family members and charitable organizations. Or they could want to make sure that their beloved pets and family photos land in the right hands. No matter their desires, working with the right attorney can make a huge difference.
Of course, you’ll want to select an attorney who can align their services with your senior’s wishes. As you reach out to prospects, it’s good to ask them about the years of experience they have with specific aspects of estate planning. You can also ask about pricing to ensure your older loved one can afford the services they’re seeking. Believe it or not, drawing up a simple will can be quite affordable. Consider having your senior meet attorneys in person to ensure they’d feel comfortable receiving their legal guidance.
Learn even more about this topic by consulting our comprehensive guide to choosing an estate planning attorney.
Estate planning solutions for Reno seniors
The aging process reminds us all that we never know when our time will come to an end. The sooner end-of-life decisions are made, the more comfortable family members can feel about handling the difficult experience of losing the person they love. If your aging loved one has not yet started planning their estate, now is the right time to begin. Review our listings above to find an estate planning lawyer in Reno today.
