For many Nevada residents who are concerned about how their families may fare after their passing, making end-of-life plans may seem to be a logical step. One of the main concerns for individuals who are going through estate planning is the inheritance of their assets. They likely want to ensure that their loved ones receive items that were sentimental to them as well as remaining funds.
Before a party can begin deciding who should receive certain assets or certain amounts of money, it is important for the party to fully understand what is available to leave to loved ones. Therefore, it is important for individuals to gather documents that can disclose what assets a person has and what debts they may owe. By subtracting the debts from the assets, a person may have a better idea of what is available for loved ones to potentially inherit.
Of course, before immediately making decisions about how the remaining assets should be divided, the planner should consider assets and liabilities that may arise in the future. If a party is making his or her plans without any immediate need of the documents, the available assets could possibly change by the time the document details are acted upon. By considering life insurance and other factors, individuals may have a better idea for future planning.
Each person’s estate planning process is unique as each individual may have different levels of net worth and other personal factors. Therefore, finding information on the specific planning of an individual case could help Nevada residents who are ready to make their plans. Parties should not feel intimidated by the processes, and thinking about the future benefits of these plans could ease the wariness of beginning.
Source: Forbes, “Estate Planning 101: How Much Do You Have To Pass On?“, Larry Light, Sept. 18, 2014