Many Nevada residents want to leave an inheritance for their children. However, leaving a large sum of money for children or for personal care later in life requires careful planning and legally binding documents. The most common ways to do this are through wills and trusts, but these must be carefully drafted and legally binding.
When planning for the future, there are several things that should be considered. These things include how much the Nevada retiree will need for their later years, how much will be given to children and how other assets will be divided. One of the most important things to consider is who will be guardian of the estate and how any assets and money will be distributed to the family or beneficiaries.
A will may be the most common way to leave an inheritance, but a trust is also a viable option. This may be a valid choice when a couple has many properties or certain types of investments. If it is unclear if a will or a trust is the best choice, it may be best to weigh the benefits of both options against each other.
It can be overwhelming to determine how to choose a guardian of an estate, drafting legal documents and sorting through all of the details with estate planning. If a couple or individual wants to leave a financial legacy for his or her children, it is vital that all of the proper steps be executed. By taking the necessary steps, it can ensure that any money or assets are distributed specifically as intended.
Source: Northwest Herald, Timothy J. OConnor: Proper planning can ensure solid legacy, Timothy J. O’Connor, March 12, 2014