A will is an essential part of any Nevada estate plan; that is, of course, so long as the beneficiaries can locate it. A recent survey indicates that a significant number of individuals die without communicating the location of their wills. This, in turn, often leads to unnecessary confusion and family conflict at an already stressful time.
The survey results indicated that, at least among the respondents, over half did not even have a will. Among those who did, only a quarter said that their spouse knew the location of the documents. Furthermore, the survey found that 40 percent of parents had never discussed the information within their will or their estate planning intentions with their children.
Yet a large number of potential challenges can be precluded by proper planning. Perhaps unsurprisingly, nearly half of the survey’s respondents indicated that they felt the distribution of their parents’ estates to be unfair. When someone dies without a will, asset distribution is determined by state intestacy laws, and often does not go according to how the parents – or their children – might have wished it.
With the increasing complexity of family dynamics, as well as changes in estate planning due to the growth of digital assets, detailed estate planning with the help of a knowledgeable Nevada attorney is becoming ever more important. Estate planning, when done properly, is an ongoing process between the attorney and the individual, and even the family members affected and other beneficiaries. Open conversations regarding frequent reviews and updating of wills and trusts, and ensuring that loved ones are aware not just of the existence of the important documentation but of how to access it when it becomes necessary, can make all the difference in achieving estate planning goals.
Source: thinkadvisor.com, “Where There’s a Will, There’s a Way — if Loved Ones Can Find It“, Michael S. Fischer, April 6, 2017