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Nevada families may need creative estate plan

On Behalf of | Sep 10, 2014 | Inheritances

Every estate plan has to be crafted with the unique family in mind. For some Nevada families, this may simply mean evenly dividing assets between adult children. For others, however, complicated family relations may make the estate a complex one to divide without creating hurt feelings or further complicating those family relations.

There are many reasons for parents to not want to simply leave assets to children based on an equal division approach. Some parents and adult children may have estranged relationships or perhaps no relationship at all. Simply leaving that person out of the process may not be the best solution, even if it may seem the obvious one at first. This approach can cause that adult child to prolong the process for other beneficiaries by fighting the will.

There are ways to incorporate estranged children into an estate plan without leaving them assets to misuse or without taking assets from children whom a parent may deem more worthy. One option is the creation of a trust to be distributed with strict stipulations. Leaving a reduced amount of assets may work also and may help keep that person from contesting the will, creating complications for siblings in the process.

It can be tough to navigate scenarios where adult children in Nevada may make the estate and inheritance process complicated. However, leaving it to chance or not taking a smart approach can lead to disputes and more estrangement. It is important to understand how an estate plan may impact the family and those relations afterward and prepare for that impact.

Source: lakeconews.com, “Estate Planning: Dealing with estranged children”, Dennis Fordham, Sept. 6, 2014