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Estate planning in Nevada can benefit from periodic review

On Behalf of | Dec 28, 2012 | Inheritances

People in Nevada may be interested to learn that many of the difficult challenges faced by heirs and beneficiaries going through the probate process can be avoided with action by the person creating an estate plan. These actions include a review of all estate planning documents for accuracy and adequacy. Such an effort can save those who may inherit from an estate thousands of dollars in some cases, according to a report.

In fact, the report says, by reviewing estate planning documents periodically throughout a person’s life, an individual in Nevada can make sure that their estate plan reflects their current wishes. This can be important in light of the life changes that can affect an estate plan. These include child birth, divorce and acquisition of assets, among others.

The periodic review of estate planning documents can include ensuring that the names of heirs and beneficiaries are uniform throughout an estate plan. In additon, details regarding specific bequests can be inserted to clarify the intent of the giving party. In such instances, these efforts can limit the need for heirs or beneficiaries to engage in probate litigation after the death of a person who created an estate plan.

There are many reasons that people in Nevada seek to create an estate plan. For some, the desire to leave assets to their beneficiaries and heirs is important. For these people, using a periodic review of all estate planning documents can help to make sure that their wishes are adhered to and that their heirs and beneficiaries have little trouble probating the estate.

Source: Fox Business, “Give the Gift of Planning,” Jennie Phipps, Dec. 17, 2012