As Nevada residents know, structuring a will to protect assets and provide for loved ones after death is an important act for anyone. In addition, creating a will lets an individual direct the manner in which things are handled in the future. An important consideration in a will is who an individual names as the executor. An executor has to be an honest individual who is capable of notifying banking institutions, cancelling credit cards and paying creditors. The executor is in charge of settling one’s estate, and choosing a trustworthy individual is paramount.
Whether or not the decedent had a will, the estate heads to probate. The process is generally quicker if the probate court has instructions from the decedent. Otherwise, the court is responsible for choosing everything from the administrator to dividing the estate. Deciding who will be responsible for minor children is usually decided in a will. Without the legal direction a will provides, the court must decide whether they are placed with family or a legal guardian appointed by the court.
A will lets the benefactor make the final decision concerning inheritance. For instance, leaving the estate to a spouse, children, parents or friends is within the benefactor’s providence. Without a duly signed will, an ex-spouse or another family member, whom the decedent does not wish to inherit, may be given the estate. Having a will prevents this. In addition, the grantor may use the will to direct assets toward a particular charity.
Structuring a will may benefit from the insight and guidance an estate planning attorney might provide. Legal counsel can also suggest other documents that may be appropriate, including health care and financial powers of attorney.