Wills can be a touchy subject

On Behalf of | Apr 28, 2015 | Blog

As they age, Nevada residents may find that it is difficult or intimidating to focus on issues related to final estate matters. A recent survey indicates that more than half of parents in the nation have failed to create the documents needed to clarify their final wishes. In some cases, the documents may exist, but those who need to know what is in them and where they are located are uninformed. In other cases, final plans are left up in the air, resulting in situations such as probate for handling estates later on.

Younger children of aging parents tend to be less informed about their parents’ will planning activities than those who are older. However, even those children in older age groups are not thoroughly informed of their parents’ wishes and affairs. Assets such as bank accounts, homes, vehicles, and properties can be at risk if sufficient estate planning has not occurred. These issues can be more complicated if there are many potential heirs.

Young people can assist their parents by promoting conversations about final wishes. It is helpful to remember that a will isn’t a matter strictly intended for elderly parents. Any adult who owns property or holds a bank account may want to express their intentions for those assets by creating a will or living trust. Parents of minor children may also be motivated to create such final documents to ensure that their wishes for care of their children are clearly articulated.

A family dealing with concerns about how to create a will or living trust might want to meet with an estate planning lawyer to discuss the options. This may be helpful for ensuring that plans for guardianship of children and distribution of assets are solidified and legally valid.