In Nevada, when a person dies, those left behind must begin the unenviable task of finding out if there are documents that exist that detail how to distribute the estate. These estate planning documents include commonly used tools such as wills and trusts. In some cases, the documents exist, but heirs have to been told where they are located.
Though many in Nevada know that it is important to begin estate planning early in their lives, they may not consider the physical location of their documents. There are options for safe keeping, including fire-proof boxes in the home or at a financial institution. Each of these has benefits and drawbacks that should be considered before choosing where to store estate planning documents. In addition, the creation of digital copies may be well advised.
Once created, estate planning documents should be reviewed periodically. This is especially true for those who have gone through recent life changes, like divorce. For example, if insurance beneficiaries are not changed, it may be that an ex-spouse is the benefactor of a policy, despite a remarriage.
The number of aspects to the estate planning process are many. This may be somewhat overwhelming to some in our state. However, the good news is that information is available to those who seek to make a plan for the distribution of their estate, and by reading this, they may find that they are able to care for those left behind using commonly available tools designed to make sure that all assets are distributed according to the wishes of those leaving them.
Source: PressDemocrat.com, “Organizing is a key part of estate planning,” Robert Digitale, June 30, 2013