Wills may be useful for many people

On Behalf of | Mar 20, 2015 | Wills

Nevada residents may have wondered at what point in their lives they should write a will. Some might even believe they own too few assets for the document to be worth the effort. Statistics show approximately 70 percent of all adult Americans have neglected to draw up a will. However, anyone who has a family, a home or any type of savings account may benefit from drafting some basic estate planning documents.

Aside from any monetary considerations, the presence of minor children in a family may make a will very helpful. If both parents were to die unexpectedly with no will in place, a probate court would decide who receives guardianship of the children. To avoid this, experts recommend that parents name a guardian and an alternate guardian to care for their minor children.

In order to divide monetary assets, it could be helpful to have a full inventory of the elements included in the estate. This may be a list of all assets, including the house, investment portfolios, retirement plans and the payouts from life insurance policies. Once the list is prepared, an individual might choose who receives certain assets and name an executor for their estate. Experts recommend updating the document whenever there is a major change in an individual’s or family’s circumstances.

More complex estate planning options are available as well. Trusts could be set up to protect heirs and provide more flexibility in the distribution of assets. An estate planning attorney could carefully explain the details of these trusts and wills and try to provide assistance with estate and administration.