One way to determine how best to pursue handling estate planning is to know about the potential pitfalls of getting it wrong. Estate planning can be a particularly complicated and yet extremely necessary legal process. Anyone in Nevada who has not taken steps to begin the estate planning process may want to be aware of some of the potential mishaps that can occur if it is put off too long or handled incorrectly.
Whenever someone has a minor child, simply devising a will stating that the child receives the estate left behind may not be enough. If something were to happen to that child, the estate would then go to the person deemed the next-of-kin of the child, not the parent who left it to the child. This could mean an ex-spouse could essentially have access to the estate instead of a trusted sibling or parent of the original party.
Another tip is to be forthcoming with adult children about life insurance and bank account matters. Keeping those facts close to the chest or just a part of a will to read after death could lead to financial issues. If the person in question becomes incapacitated and banks accounts vital for paying premiums go unchecked and premiums go unpaid, life insurance can be lost and cancelled when it may be needed most.
There are many intricacies to the estate planning process. Assuming it may all hinge on one paper or one aspect of life, such as who gets a house or car, can be a costly mistake. Nevada families may benefit from discussing facts and decisions together. Families may also benefit from researching all applicable state laws so they can be sure they are covering all of their bases and are protected during any number of possible unexpected scenarios.
Source: greenbaypressgazette.com, “Estate planning mistakes to learn from”, Carissa Giebel, March 24, 2014