A will has two fees associated with it: the attorney fee to create the will, and the probate cost to transfer your property to the family or friends you have chosen in the will after you have died. The will has a low upfront cost, and then the probate cost is about $3,000 for every $100,000 of assets you have. We do not often recommend a will because in the long run, it costs much more than a trust, and a trust can have lifetime benefits (such as helping you get long term care benefits without spending $8,000 to $12,500 per month out of pocket to get them).

Estate planning is a complicated area, which may not seem obvious because so many firms are “dabblers” in this area. Before you hire an attorney, ask whether they include the trust funding in their fee; ask what steps they will take to plan for disability situations; and, most importantly, if you are above age 60 or have a history of dementia or nursing home stays in your family, ask them how they will protect your assets from the state should you need long term care. If the attorney is not familiar with this, run away fast. A mistake in this area can cost you your entire life’s savings should you have a health crisis later in life. Many well-meaning and well-respected firms are not familiar with this yet, and it is a big problem we are working to correct. If you are age 60 or over, your best bet is hiring an estate planning attorney who understands elder law.

There are three major problems with downloadable, inexpensive form estate planning documents that we see on a weekly basis in our office. First, the documents are not part of a complete set, so often a court has to fill in the gaps. You’re not there to let the court know your wishes, which means that there can be unintended consequences. Second, it is very easy to accidentally disinherit your children when you have remarried, and that cannot be undone once you have passed. Finally, these documents *do not* protect you in case of a disability or last illness that requires expensive medical care, meaning that you may not have anything left to leave your family anyway. Instead, everything goes to healthcare costs. Using a cheap, downloadable document is a very expensive way to “save money.”

This is not a good idea for three reasons. First, anyone who appears on a bank account can walk into the bank and take every cent without consequences, even if this was not the intention. There are better ways to get this result without risking everything. Second, if your child is divorced or sued, your house and bank account are available to the ex-spouse or creditor. Again, there are better ways to handle this that don’t risk everything. Finally, we routinely see unintended consequences of adding people’s names to property titles, like accidentally disinheriting other children or your new spouse, incorrect title which ends up requiring probate, and other expensive issues to fix. This type of “shortcut” estate planning should not be attempted without speaking to an elder law estate planning attorney first, especially if you have a history of dementia or nursing home care in your family.

We are living longer and longer, which also means that our assets have to last a long time as well. There are estate planning techniques we can use to be sure that your money and property does not have to be liquidated to pay for a nursing home or expensive last illness. We call this estate planning with lifetime benefits, and only a handful of law firms in Nevada offer this service. It cannot be done with a living trust! And it must be done about five years before you need expensive medical treatment, so do not delay. Call our office to set up your free consultation and we can explain how estate planning with lifetime benefits works and show you how much of your assets we can protect from healthcare costs.

Some planning is always better than none. If you loved one is in the hospital, a couple of extra steps must be taken to be sure the estate plan is valid later on. That includes securing a letter from a medical provider stating that your family member has "capacity" to sign. We offer a sample form that the doctor can sign to make it simple and easy. Many people, including mobile notaries who prepare powers of attorney, are unaware that Nevada law requires this letter if a person signing the document is in the hospital at the time of signing.