Many Nevada adults may recognize the need for creating a will. In fact, this action is likely something that they plan to do, eventually. For some, though, the act of creating a will is admitting that they will not live indefinitely. While creating a will may appear to be a daunting task, it will help to protect loved ones and ensure assets are transferred as the individual wishes.
One of the first decisions to be made when drafting a will is how assets should be distributed. This can be done by writing down a list of all current assets. Since the value of assets can change over time, the amount of an asset to be left to each individual or entity should be indicated as a percentage of its total value.
Another consideration is whether or not assets are being left to minor children. In the event that they are, a trustee should be appointed. The trustee will be responsible for the money or assets until the child is old enough to take over responsibility.
After going through the process of creating a will, it is also important to review the will periodically. Circumstances change over time. It is possible that one of the beneficiaries has proven incapable of handling finances. In this case, it may be necessary to protect the assets by devising a trust account or naming another beneficiary.
For many Nevada residents, the idea of creating a will appears to be a complicated process. However, with a small amount of planning and preparation, it can be accomplished in a relatively uncomplicated manner. The end result will be peace of mind that hard-earned assets will be protected and distributed as desired when it is time to do so.
Source: forbes.com, What Baby Boomers Need To Know About Making Out A Will, Jon Friedman, Jan. 23, 2014