Wills: The cornerstones of estate planning for Nevada residents

Nearly every adult Nevada resident has at least some assets to be distributed in the event of death. Complicated estate planning is not necessary for every person. What every person does need, however, is a will, which may be considered the cornerstone of any estate plan.

After gathering all of the necessary information regarding one’s assets, an individual must then decide who will receive what assets in the will. Even if an asset is not going to pass through the will — such as a retirement account or life insurance policy — its information should still be included, since its existence could affect how other assets are bequeathed. The second task is to choose someone who will serve as the executor of the estate. Once all of these decisions are made, the will may be drawn up, reviewed and executed in accordance with Nevada law.

If it appears that a person’s estate will exceed the current federal estate tax exemption, trusts may be used to reduce the amount of his or her taxable estate. Trusts can also allow their creator the option to control how much of an asset is distributed to a beneficiary at any given time and how often one will receive a portion of the trust. How a trust is constructed depends on the individual’s desires and planning needs.

A person’s best estate planning intentions, however, are nothing without a will. Without this cornerstone document, the laws of the state of Nevada will make the decisions regarding what will happen to a resident’s assets upon death. Often, the distribution of assets dictated by state law radically differs from the choices that one would have made.

Source: myedmondsnews.com, “Money Talk: From wills to trusts to gifting, estate planning applies to everyone“, Erin Eddins, Dec. 22, 2014