Consider heirs and beneficiaries during estate planning
When creating an estate plan, Nevada residents typically decide who they want to receive their assets. They certainly have the right to do that, but without discussing the plan with the intended heirs and beneficiaries, feelings of anger, resentment and confusion could cause infighting among them after the death of their loved one. Many issues could be avoided by taking the time to consider the needs and desires of those receiving an inheritance — or not receiving one, as the case may be — during estate planning.
Contemplating death alone is one thing, but sharing the conversation with family can be even more uncomfortable. However, discussing what will happen to an estate with them could be useful. The individual could discover that the way the assets were going to be divided would not be preferable to the heirs.
Granted, a Nevada resident is not obligated to consider any requests, but that does not mean that a conversation is not needed. Letting family members know how a person intends to divide the estate in advance could alleviate any ill feelings after death. In many cases, simply understanding the reasons behind the decisions helps.
There is a possibility that a family member could bring up an issue that the individual may not have considered. It may be easier to include an estate planning professional in any meeting with family members. This way, any questions they may have about the process, the documents or the choices the individual makes can be answered.
No one is going to live forever, and when a person dies cannot be predicted with any certainty. The only way to ensure that a person’s assets will be distributed in accordance with his or her wishes is through estate planning. Every individual’s circumstances and family dynamic are different. Therefore, it would be beneficial to seek out the advice and assistance of an estate planning attorney.
Source: MarketWatch, “How to take the stress out of estate planning“, Brian Vnak, Sept. 2, 2015