Nevada residents may want to note common estate planning errors
Nevada residents who wish to arrange for their distribution of assets, medical directives or other matters of interest to be carried out after one’s death may want to note a recent article that discusses the issue. The article stated that the estate planning process is complex and can become complicated due to tax issues, investment accounts or other legalities. Apparently, there are some common errors of which those preparing to create an estate plan will want to be aware.
According to the article, a mistake often made by those planning an estate is to attempt to write their own wills. It has been the experience of some that wills written without professional assistance have led to family discord and disastrous outcomes further down the line. Still, the author of the article states that it is better to have written one’s own will than not to have one at all. That is another error that has the potential to cause undue stress for family members who survive their loved ones.
With regard to a person who does take steps to document an estate plan, a problem can arise if he or she fails to keep his or her portfolio updated. Changes in employment, health and/or lifestyle can create a need for adjustment among the documents of an estate plan. Not keeping things current can lead to an unintended inclusion or exclusion of inheritance.
Carefully reviewing all documents before signing, regularly updating names of beneficiaries and trustees and taking taxes into consideration when preparing estate planning documents are some of the practical tips mentioned in the article. Nevada residents who wish to take steps to ensure the future care and provision of loved ones may wish to seek legal counsel in order to develop a customized plan. Creating and maintaining a thorough plan can prevent potential stress and financial crisis for family members who will be involved in the administration of an estate.
Source: nj.com, “Estate planning is a complex issue“, Eleanore Szymanski, May 28, 2015