Nevada residents may be interested in some information on how to get started with estate planning. Generally, the first document to create is a will. A will directs how a person’s assets should be distributed when they die, and it typically includes provisions for family, friends and charitable gifts. Without a will, the person’s property goes through the court-supervised probate process and the assets may be distributed in a way contrary to the person’s wishes.
The first thing that should be done is to make sure the person meets the requirements to draft a will. For example, the person must have the proper mental capacity and be over the age of 18. Next, the document needs to be clear about its purpose. The person should then choose a person to act as the executor of the will. This person will handle the distribution of property under the terms of the will. They also handle payment of taxes and other related issues.
Another important step in creating the will is deciding who the beneficiaries should be. This also includes secondary beneficiaries, in case the first choice is not available to receive the property. Specific names should be used in order to avoid any potential conflicts later. The person writing the will should also consider creating a document to cover what should happen to their social media, email accounts and other online services, including specific instructions on how to access the accounts.
Creating a will is a very fact-specific endeavor that differs with each person, so individuals who are planning their estate should not take this article should not be taken as legal advice. An attorney may be able to assist their client with creating a last will and testament and other important estate planning documents.