Considerations for those in Nevada that are working to create an estate plan are many. For parents, these include the desire to ensure that heir children are cared for after their parents pass away. This can be achieved, one recent report notes, through the use of several different estate planning tools.
Children in Nevada who lose their parents while they are still minors must have people that will care for them. When a parent creates an estate plan, it is important that they appoint a person to act as guardian for their kids. This individual can be appointed in either trust or will document and will be charged with all aspects of the care of kids who are left without parents.
In addition to the guardian of children, parents also consider creating a trust to help give money to those who are left behind. In a trust, a trustee can be directed to make payments for the care and maintenance of kids or to pay for college. This is different than the way that an inheritance would b paid if it were to pass through a will without a trust or if a parent dies intestate.
Estate planning has many aspects for all of us in Nevada. For parents, the consideration of how to care for their children adds another element. To ensure that the best possible outcome is achieved, it may do well for people in these types of situations to work to review all available information before starting to make a plan.
Source: dailyfinance.com, Documents that Should be Part of Everyone’s Estate Plans, Andrea Murad, Sept. 5, 2013