Many people in Nevada are aware that there are important reasons to enter into estate planning. These include the limitation of costs for an estate and the desire to avoid the probate process. Some may consider creating a trust that can be used both while an individual is alive and after their death. In fact, a trust administration after an individual's death can allow an estate to avoid probate all together.
Many people in Nevada know that one of the most popular reasons for people to create an estate plan is to ensure that their assets go to the people they want them to when they die. An individual can make his or her intent clear by using estate planning tools such as wills and trusts. In fact, many find that the available tools can be customized to fit every financial situation or beneficiary.
The trustees of an estate recently ended up in court when they had to determine who should receive the money left in trust for the benefit of a school. The trust litigation that ensued after the death of the creator of the trust was ultimately decided by a probate court. Now, our readers in Nevada may be glad to learn that the intent of the person who made the trust will be followed.
Many readers in Nevada know that the issue of estate planning is one that should be addressed. However, just as many people feel that they have time to wait until they enter into estate planning. This is especially true if an individual feels that they are young or have few assets to leave to their potential heirs.
There are many reasons that people in Nevada seek to create an estate plan. For many, the desire to ensure that their families are cared for after their deaths impels them to begin the estate planning process. Some wish to appoint guardians for minor children. Increasingly, however, some people are now seeking to make arrangements for family pets.
In the wake of recent weather-related disasters such as tornadoes in the Midwest and Super Storm Sandy on the East Coast, many in Nevada and elsewhere may be considering whether they have appropriate estate plans in place to deal with such disasters. For some, this reconsideration of estate planning includes putting documents in place that will deal with a pet should its owner be unable to care for it. Such documents were once regarded as being only for the rich, but now some authorities note that many people are planning for the care of their pets.
Many people in Nevada and across the nation believe that they do not need to create an estate plan because of the relative small size of their estate. However, those folks may be surprised to learn that the amount of savings they can achieve in taxes by creative estate planning could be considerable. One reason for such estate planning is due to the fact that the estate tax exemption will return to the relatively low figure of $1 million in 2013 without Congressional intervention.
As many in Nevada know, high asset estates sometimes end up in litigation despite a person's best efforts to avoid such conflict through estate planning. With large sums of money to be divided, beneficiaries of such estates may make great efforts to ensure that they receive the share to which they believe they are entitled. This may be the case in one probate litigation matter in which the beneficiaries of a massive estate are attempting to remove the trustees who are now managing the trusts that make up their inheritance.
There are many issues that Nevadans must consider as they begin to write an estate plan. As they go through the planning process, it is always the case that the person creating a will or a trust seeks to ensure that their wishes for asset distribution are made apparent to their heirs and survivors. These wishes may not always be popular with all of the potential heirs, especially those who do not stand to inherit from the person creating the plan.
Some people in Nevada and elsewhere believe that they do not need an estate plan because they are not wealthy. However, the fact is that everyone can benefit from estate planning. Using wills and trusts can offer many benefits to the person planning and their beneficiaries.