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When estate planning, not all assets are equal

On Behalf of | Aug 19, 2014 | Inheritances

When people decide to begin the estate planning process, they may assume it is as easy as writing down whom they want to receive what. However, just as every estate is different, the process for leaving behind assets to beneficiaries can be unique and require a lot of forethought. Every asset in Nevada can’t be dealt with in the same manner.

Special assets need special consideration when handled and distributed to beneficiaries. One area that needs special attention is guns. A gun can’t just be “willed” to anyone, as there are license requirements when a gun changes ownership. There are ways to have guns put into a special trust and under the care of an appointed trustee who can ensure that everything is legally handled as guns are given to beneficiaries.

Pets also should not simply be “willed” to a beneficiary without a clear-cut plan for care and expenses. A pet owner can set up a trust that can be used for the care of a pet. A pet can cost much more than just the price of food. A trust may provide for veterinary care, boarding of the pet and even plans for the pet after it dies.

Every asset means something to the person who owns an estate they have worked hard to create. There is often great care and thought put into the decisions of what will become of that estate. In Nevada, residents who are venturing into the estate planning process may want to think about what assets need more in-depth consideration to ensure that wishes are upheld.

Source: lakeconews.com, “Estate Planning: Planning for special assets”, Dennis Fordham, Aug. 15, 2014