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Nevada estate planning includes trusts and wills

On Behalf of | Oct 9, 2013 | Inheritances

Ensuring that an estate plan is complete is an important step for people in Nevada. A review of all of the estate planning documents that are in place will help to ease any concern that there are assets that have not been covered or that there are beneficiaries designated who should be changed. This step, one recent report asserts, should be taken periodically.

The first consideration is whether people in Nevada have all of the documents that should be included in estate planning. These most often include a will, a healthcare directive and a power of attorney. Some individuals may also benefit from creating a trust. Trusts that are common include living trusts and those created for the benefit of minor children.

If estate planning documents are not in place, the assets of a person will be distributed as is required by state law when they die. This could lead to some potential heirs being left out or not receiving the portion that they expected. However, this is easily avoided with the creation of basic documents such as a will.

Some people in Nevada and elsewhere avoid the estate planning process because it can be difficult to consider one’s own eventual death. However, it is a good step that can offer protection to potential heirs and beneficiaries. In addition, some documents are used while a person is still alive, such as a healthcare directive. Because there are many tools that should be used when creating an estate plan, people may wish to seek information about the process before beginning.

Source: SeacoastOnline.com, Estate planning by default, David T. Mayes, Oct. 6, 2013