People in Nevada often begin to consider how they want to have their assets distributed after they die as they begin to age. However, it is important to begin estate planning much earlier, says one recent report. This can help to ensure that a person is ready for any unexpected event, such as an early on-set illness.
In fact, the report, which may be of interest to our readers in Nevada, says that 44 percent of people in our country have begun estate planning. The others, should they die unexpectedly, will have their assets subject to the laws of our state that will mandate distribution. This can be avoided using some available estate planning options.
Commonly, people turn to a will or a trust when they consider how they wish to have their assets distributed. In the case of a will, the estate is subject to the probate process. This can increase the time that it takes for an Executor to distribute an estate.
Because there are s many options for those seeking to begin estate panning in Nevada, it can often do well for a person to begin by creating a financial review. Once this is complete, information from an experienced professional can be used to ensure that all assets have been included and handled in the manner that the person creating the plan intends. All of the planning work is a great benefit to those who are left behind and left with the task of distributing the estate plan.
Source: Northwest Herald, “Five steps to take in devising an estate plan,” Patrick S. O’Connor, July 4, 2013