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Nevada estate planning can include blended families

On Behalf of | Nov 14, 2013 | Heirs & Beneficiaries

In Nevada, there are many considerations as people begin to think about an estate plan. Among those are the need to determine exactly who is considered family, a recent report asserts. This is important, particularly for those who are interested in estate planning for multiple generations. In fact, some may be surprised to learn that only 10 percent of people are successful in passing money through to four generations

Blended families are a common occurrence in Nevada and elsewhere across the nation. This fact leads to the need for those in estate planning to consider whether they wish to include step-children or grandchildren in their wills and other documents. The report indicates that families use several different methods to make that determination.

For example, some include spouses of children in their estate planning considerations while others do not. This can lead to the need to make modifications to a plan when divorce happens. Without such an effort people may find that they have inadvertently left money to a former spouse of their child, an unsatisfactory result for some families.

Estate planning can appear complicated to some people in Nevada. Often, this is because of the high number of issues to consider as a plan is created. However, the good news for these people is that there is information available to help navigate the process. This includes documentation and informed advice that can be essential when working to ensure that a comprehensive estate plan is created that can satisfy everyone’s needs and wants.

Source: Reuters, YOUR PRACTICE-Who is family when it comes to estate planning?, Beth Pinsker, Oct. 29, 2013