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Wills Archives

Using a TOD deed to avoid probate

Nevada residents who intend to have their assets given to their offspring upon death and who have listed them as the beneficiaries on their investments have taken the right steps. They may have also complete a will that leaves all of their assets to their children. However, they may want to consider a transfer on death, or TOD, deed for the home and use a TOD designation on the vehicle's title to avoid the probate process.

Why wills are important for everyone

Nevada residents of all levels of income may benefit from estate planning. While some people may think that they do not have enough assets or money to justify creating a will, they are mistaken. The courts will divide the assets of people who die without wills according to the state's laws about succession regardless of the wishes of the deceased.

Allocating personal property

Nevada residents can use a variety of estate planning tools to dictate how specified assets should be handled in the event of their death. However, they should be aware that written provisions should be made for their other personal property as well.

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.

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.

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.

Planned giving as part of an estate plan

Nevada residents who want to reduce the financial burden on their loved ones after their death may want to consider gifting some of their assets. Planned giving can be included in an estate plan and can provide advantages for the donor and the beneficiaries.

Think about estate planning now

Estate planning is understandably not a favorite topic for many people. Most people put off thinking about end-of-life planning, and some estimates say that six out of ten adults have no estate plan in place. Nevada residents who are in this category might want to learn about some basics.

The importance of communication in estate planning

Some Nevada residents may find it difficult to talk to loved ones about estate planning and finances. It may help to think instead of this as a conversation about values. With partners, this is a conversation that can happen throughout the relationship, and with children, an age-appropriate conversation can start when they are young.