Asset protection ensured through careful estate planning
Those in Nevada who wish to ensure that their wishes are carried out at the time of death will want to consider planning for their estate. Asset protection, naming of beneficiaries and creation of various types of trusts are typical matters included in the basic planning of an estate. In circumstances where an estate plan has not been established, the probate laws of a state will usually take effect.
A recent article suggested that many people are preoccupied with the everyday issues and events of life, and, therefore do not always focus their attentions on planning for the distribution of their accumulated wealth at the time of death. A trust document is typically part of an estate plan. This helps to ensure that one’s wishes are carried out at the time of death. A trust document can also help to prevent post-death taxes.
One financial-news commentator recently stated that a prudent way to approach estate planning is to think of it much the same as one thinks of servicing automobiles. Common sense suggests that part of taking proper care of a vehicle is by keeping accurate records of service and maintenance conducted. In much the same way, an estate plan helps to keep one’s finances, assets, trusts and documents in order so that distribution of the same is made easier for those who will be called upon to execute the estate.
A well-planned estate helps with asset protection and also helps to minimize potential expenses for beneficiaries at the time of the estate owner’s death. Any Nevada resident who desires legal advice with regard to the process of creating trusts or developing a will can contact a professional with experience in the field of estate planning. Time and effort invested early on can prevent complications and better provide for those who will be left to distribute one’s assets after death.
Source: azcentral.com, “An estate plan leaves an essential itinerary“, Nancy Tengler, March 31, 2015