When you compose a will, it will typically go through the Nevada probate process. This allows for the document to be verified, debts to be paid off and assets to be distributed correctly. While this may seem like an essential process, it can often cause your will to be in limbo for months on end and can become rather expensive. One way to avoid probate is to leave your assets, or at least the monetary form, in a Roth IRA.
Roth IRAs are important retirement and estate planning tools, especially for those in lower income brackets. You can only add so much to this account per year. For 2015, this limit is $5,500 annually, or $6,500 if you are over the age of 50. This number is likely to change next year, so it is important to stay up to date on how much you can put into the account.
The difference between a Roth IRA and other retirement funds is that you pay the taxes on it as you put the money in, not when you take it out. So if you dip into the account for retirement, or to move it to a different account as you move up in income brackets, you do not have to worry about taxes. You also are not required to take money out of it at any point, so you could grow it indefinitely until it is inherited by your heirs. All you have to do is fill out a beneficiary form, and the Roth IRA will automatically transfer to the heir named — no will or trust has to be involved.
For more information or advice on estate planning, it may be beneficial to consult with an experienced attorney.