Deciding what will happen to a Nevada resident’s assets after death could require a great deal of consideration. Making the determination regarding who will inherit which assets can be made easier by including the children in estate planning. This could put everyone at ease and help avoid confrontations later.
Even though communication can be useful for parents who are attempting to create an estate plan, it will be up to each individual to determine how much information children are given. Even if the conversation is restricted to large assets such as retirement accounts or a home, at least the parent’s intentions are known up front, which could keep siblings from arguing over these assets after death. Other parents may feel comfortable discussing everything with their children.
In some cases, children may be allowed to choose what assets they would like to inherit. This can be especially helpful when it comes to a parent’s personal belongings, such as jewelry, furniture and other assets. In the alternative, an individual is within his or her rights to decide who will receive these items and communicate this to the children. Of course, no one creating an estate plan is required to explain his or her reasoning, but when the goal is to prevent in-fighting, communication is key.
Estate planning may not be at the top of a Nevada resident’s to-do list, but it is essential that some plan be put in place — especially if there are multiple children. The alternative could mean a protracted probate process that could drive a wedge between siblings over property left behind. If everyone is aware of what will happen in advance, it could keep the family together in an already difficult time.
Source: The Huffington Post, “How to Leave Your Children an Inheritance“, Steve Cook, July 8, 2015