Using Nevada estate planning to provide positive incentives

For residents of Nevada, there could be any number of reasons to seek the counsel of an attorney when preparing their wills and trusts, from avoiding probate to preserving a family business. However, there are less commonly acknowledged aspects of estate planning that may be omitted from many conversations. Their absence from typical planning discussions, however, does not make them any less valid.

A long-standing use of estate planning is to provide incentives to beneficiaries. Reinforcing positive behaviors, from education to healthy living and more, can all be attempted by using provisions set forth in wills or trusts. Clear objectives and well-defined benchmarks are useful in incentive trusts, especially, and since trusts remain viable over time, they are often valuable tools for positively directing beneficiaries’ future behavior.

Estate planning can be especially important for families who have a member with a substance abuse problem. Once the issue has been identified and acknowledged during the planning process, attorneys can help set up a trust that accommodates these special considerations. Trusts have the ability to provide for the child’s needs – such as rehabilitation and medical costs, tuition, housing expenses and more — not only after death of the client but also during the client’s life or at times of incapacity. Should it become necessary, a trust can authorize a designated trustee to request conservatorship or guardianship in the case that the abuse issues recur, or conversely, offer rewards for positive benchmarks such as holding down a job.

There are many “unofficial” ways that proper estate planning can ensure an individual’s wishes are fulfilled. From relocation out of Nevada to a new country or even just a new state, to protecting estate assets against looting after death, an attorney can help. An experienced lawyer will have a firm understanding of the necessary wording and documentation and will be able to use this knowledge to help estate planning proceed as smoothly as possible.

Source: wealthmanagement.com, “The Other Reasons For Estate Planning“, Janice A. Forgays, Feb. 1, 2017