Estate planning in Nevada is important to many people for many different reasons. The reasons that people begin the estate planning process include the need to distribute assets to their heirs at the time of their death, as well as the desire to ensure that they are cared for when they are unable to care for themselves. Each of these can be achieved through the estate planning process.
In Nevada, this most often includes the use of tools such as wills and trusts. A last will and testament is a document in which a person can detail the distribution of assets. In addition, many people include specific bequests to heirs or even charitable organizations in this document.
Trusts, on the other hand, can be used not only after the death of an individual but also while they are still alive. In fact, a trust can be funded that is intended to pay for the care of a person who is unable to care for themselves in subsequent years. However, this type of trust must be appropriately funded to be effective.
The estate planning process can appear complicated to people in Nevada. This is because of the great number of tools available to those seeking to enter the process. The good news is that each of the options available can be customized to fit the needs of a person. To ensure that the goals of a person are achieved, they may do well to review all applicable rules to determine how best to plan an estate and for any end of life care needs.
Source: The Leavenworth Times, “Good estate planning will save hassles later,” Larry Martin, March 25, 2013