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October 2017 Archives

Sentimental value and estate planning

Nevada residents should include personal property in their estate planning documents. After a loved one passes, it is not uncommon for family conflicts to be centered on tangible personal property that belonged to the deceased and holds sentimental value. In order to prevent conflicts, individuals should avoid certain mistakes when bestowing personal property to surviving loved ones.

Complex circumstances require careful will planning

Many Nevada residents assume their estate plan will be a straightforward one. While this is often true for individuals with modest assets and an uncomplicated family life, people who have been married more than once, who own a business or who have significant assets will likely need to protect their estate with a more robust plan.

Power of attorney and the possibility of coercion

Nevada residents who are creating an estate plan may also need a power of attorney. A power of attorney appoints an agent to manage the person's financial affairs if the person becomes incapacitated. The person creating the power of attorney is known as the principal. A power of attorney is an important part of an estate plan, but a person should make sure that there is no coercion around creating the power of attorney or giving the agent certain powers.

What young people should know about their inheritance

Nevada residents may have trouble talking about money with family members. In some parts of the country, it may not be socially acceptable to do so. However, it may be a good idea to have that conversation with adult children and younger family members. It is estimated that millennials will inherit roughly $30 trillion in wealth from older generations. This is the most that has ever been transferred between generations.

Careful record keeping and patience benefit executor of will

When a family member passes in Nevada, grief occupies the relatives and friends, but the executor of the will must focus on administrative business as well. A will designates the person who will manage the estate. Known as an executor, this representative must perform certain tasks within days or weeks of the death, such as halt Social Security payments, obtain death certificates, track down the will, locate assets, notify the probate court and pay for burial expenses.

IRAs and custom beneficiary designations

Nevada residents who are creating an estate plan may need more than just a will. Assets such as life insurance policies, annuities, individual retirement accounts and transfer-on-death or payable-on-death accounts are passed on to heirs using beneficiary designations.