Nevada residents may believe that their affairs are in order when their wills are completed, but it is possible to miss important issues that could complicate matters after a testator’s death. Unfortunately, a final will and testament can’t be corrected after one’s death, making it especially important to ensure that unexpected situations are considered and addressed as a will is created.
Effective will planning should take into account the potential for a beneficiary to predecease the testator. This should also be considered when life insurance policies and retirement accounts are updated since these assets are typically not affected by the details in a will. Beneficiaries should also be considered in light of their mental capacity to manage assets, their age, and other relevant issues. Failure to plan for situations such as a deceased or incompetent beneficiary could leave decisions about one’s estate in the hands of the probate system. It is also wise to plan for the care of one’s minor children through the designation of guardians as this may avert state intervention.
Assets that are often missed during estate planning include pets, personal mementos, and digital accounts such as social media pages. Failing to address these assets in a will or trust could leave one’s survivors at odds over how they will be disbursed or managed. A personal property memorandum may alleviate disputes over mementos. Clear directions related to the management of a social media account are ideal to avert unwanted use of these digital assets.
People who are concerned about disputes over their personal mementos may want to be particularly detailed to avoid misunderstandings. A lawyer may be helpful for evaluating a client’s will and then identifying weak areas that could open an estate up to challenges and disputes. Additionally, a lawyer can help ensure that a client’s will is legally executed according to state law.