Nearly everyone here in Nevada and across the country wants to leave behind a legacy for their children. However, many people still fail to plan in order to make that happen because they do not believe that they are wealthy enough to need an estate plan. The truth is that estate planning is necessary for every adult, and it is not necessary to be rich to reap the benefits.
Even for those who do have a last will and testament, they believe that a will alone is enough to ensure that their heirs and beneficiaries are taken care of after death. In many cases, a will is not enough. People are living longer, and as such, many will need some sort of long-term care. Without proper planning for this eventuality, any assets that were meant to be passed on after death could be gone by the time an individual passes away.
Furthermore, not everyone should receive an inheritance outright. When assets are left to a person in a will, there are no safeguards in place to save an heir from him- or herself. Trusts can hold assets on behalf of a beneficiary and outline how and when distributions will be made. This could help ensure that an heir would benefit from the assets in the trust for an extended period of time.
These are just two of the circumstances that could jeopardize an heir’s or a beneficiary’s ability to have the maximum benefit possible from an inheritance. Every Nevada family’s circumstances are unique, and estate planning can be tailored to the needs of the family and the wishes of the individual doing the planning. An attorney can help identify the options available and help build a plan that will benefit everyone involved.
Source: CNBC, “The Greed Report: Not a billionaire? You still need an estate plan“, Scott Cohn, Sept. 22, 2016