After Nevada residents spend years working hard to take care of their families, some of them forget that they can make arrangements to continue to take care of those family members after their deaths. Estate planning can help ensure that loved ones will continue to be provided for even after an individual is no longer alive. A plan can be tailored to the particular needs of the family and that person’s desires.
An estate plan outlines how loved ones will receive a Nevada resident’s assets after death. For some people, a will is sufficient to transfer assets to heirs. For others, one or more trusts might provide a better way to control the distribution of assets. Each beneficiary is different, and more than likely, a trust can be drafted that will protect not only the beneficiary but the assets as well.
An estate plan can also help keep family members from arguing over assets after death. If a definitive plan is in place, its instructions are followed in most cases. Challenges can still be made to the documents after death. However, some people are now combating this by including a provision indicating that anyone who makes a challenge inherits nothing.
Regardless of how an individual wants to set up his or her estate plan, the important thing is to have one. Someone familiar with estate planning can help determine what documents would best achieve a person’s goals and wishes. Once a plan is put into place, it should be reviewed periodically to ensure that it still meets with the individual’s expectations for what will happen after his or her death.
Source: valuewalk.com, “Plan For Tomorrow Through Proper Estate Planning Today“, Dec. 25, 2015