Estate planning should not be a one size fits all kind of journey. Whenever a Nevada family or individual ventures into the estate planning process, there are a few areas of concern that can be costly if not handled properly. It is important for individuals and families to understand new areas of concern and how to avoid common mistakes when dealing with those areas.
One area of concern people may not think about at first is the fate of pets. If there is no consideration or plan made for the fate of pets, they may end up in a shelter during an illness, or worse after the death of an owner. Designating a new owner should be a priority. There are pet trust options also that can help ensure a pet is cared for as an owner would want. These trusts can provide for basic care and vet visits.
Another area of concern people may overlook is digital assets. As technology grows, the use of and reliance upon the Internet is astounding. People may pay bills and do all banking online. Without explicitly giving instructions or outlining passwords and account numbers, those assets may be inaccessible to heirs and beneficiaries, or at least difficult to access.
As a person’s life changes and evolves, there may be the need to incorporate new aspects of the estate planning process. It may not be a process that is done and over with after one time, but rather one that needs to be regularly revisited. Anyone beginning the estate planning process in Nevada may want to think about how their unique needs or situation needs to be addressed as they consider the available options.
Source: forbes.com, “7 Common Estate-Planning Blunders Not To Make“, Sheryl Nance-Nash, Sept. 15, 2014