Over the course of one’s lifetime, the average Nevada resident will most likely accumulate some assets and other items. More than likely, this individual has specific desires regarding who should receive these assets and items upon his or her death. These desires are typically stated in the individual’s will.
When preparing a will, the individual usually begins by making a detailed listing of all properties, bank accounts, jewelry and other items of value. Then, the individual is able to categorize and organize the list by beneficiary. This makes it easier to be certain that all items are included in the individual’s will.
One thing that is often forgotten is that it is possible that the individual may acquire or inherit other assets after the creation of his or her will. If the will does not have a statement detailing what should happen to items not listed, there can be some disagreement among beneficiaries. This can be corrected by either including this type of statement in the original will or by drafting a codicil to the will.
It is always a good idea for the individual to periodically review his or her will to be certain that items have not been left out and that items are being left to the person desired. Circumstances and relationships can change over time; therefore, a careful review of the will can ensure that these changes are accounted for. While some Nevada residents may decide that this is a process that they are comfortable handling without assistance, many find that guidance in preparing a will can be invaluable in making sure that all aspects are properly prepared.
Source: forbes.com, “Careful, thoughtful drafting essential in estate planning“, Stephen J. Dunn, April 7, 2014