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Spiritual estate planning a growing trend in Nevada

| Nov 27, 2012 | Estate Administration

Estate planning takes different forms for many people attempting to accomplish this goal in Nevada. For some, the need to pass on their values as well as their assets is strong. For such people, a new trend of spiritual estate planning may be appealing. This type of estate plan allows an individual to make their values known along with the distribution of their assets.

Spiritual estate planning means that a person in Nevada could attach requirements to an inheritance in some situations. For others, it means that money is given to charitable organizations or to one relative and not another. To achieve these goals, many in our state use estate planning tools such as a trust.

A trust could be funded that could pay to heirs their inheritance with certain restrictions. These conditions could include limiting or preventing payments being made to stepchildren or spouses of an heir. The Trustee appointed would be charged with the responsibility of distributing the assets according to the trust rules. Alternatively, some may choose to give gifts while still alive. It should be noted that authorities suggest that a conversation be held with an individual left out of an estate plan prior to the death of the plan’s creator.

There are many different options for an individual who is seeking to create an estate plan in Nevada. Tools such as wills and trusts can be customized to each situation and desire. In fact, several different estate planning tools can be combined to ensure that the wishes of a person who created the estate plan are followed after their death.

Source: Sun Sentinel, “‘Spiritual’ estate planning passes on values of departed,” Donna Gehrke-White, Nov. 11, 2012

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