As a person ages, it is likely that he or she will begin to think about how they want their assets distributed upon their death. It is fairly safe to assume that the typical Nevada resident would prefer to decide who will receive a portion of their assets rather than depending upon the courts to do so. Therefore, it is necessary for the individual to establish a will or a trust — or both. Many are finding that trust planning is an effective way to easily transfer assets when that time comes.
A will is perhaps the most common method for establishing exactly how an individual wishes his or her assets to be distributed. In the event that the individual wishes to make changes to a will, such as changing a beneficiary or altering the distribution of assets, it is important to add a codicil (or to create an entirely new will) rather than simply crossing something out and noting the change. When proper legal procedures are not followed, the will could be declared invalid by the courts.
Trust planning is also an effective way to transfer assets. One of the benefits of establishing a trust is that it does not typically have to go through probate. Thus, the process of assets being transferred to the beneficiary is usually easier and faster. Again, in the event that changes need to be made in the trust documents, it is important to follow proper legal procedures. In this case, an amendment should be drafted.
Trust planning and will preparation is not something that every Nevada resident wants to think about. However, they both serve to protect assets and honor the wishes of the individual. Additionally, they both lighten the burden on family members who are still grieving the loss of their loved one.
Source: recordonline.com, Protecting your future: Changing your will haphazardly might get it ruled invalid, Bonnie Kraham, Jan. 30, 2014