Creating a comprehensive estate plan in Nevada

On Behalf of | Nov 10, 2016 | Estate Planning

When done properly, a good estate plan helps Nevada residents have control of their assets while they are alive and after they die. It will also provide a plan of action in the event that they become mentally incapacitated. However, an estate plan may provide for more than just the distribution of assets upon death. For instance, a delayed disbursement clause in a trust may only allow beneficiaries to receive distributions if certain conditions are met.

This may help otherwise ensure that beneficiaries don’t squander their inheritance. An incentive trust is a related estate planning tool that allows heirs to obtain an inheritance only after getting a job, getting married or meeting some other condition in the trust. It may also help subsidize beneficiaries who choose a profession that is good for society even if it isn’t going to make them wealthy.

It may be worthwhile to put assets into a charitable trust. The heirs decide what to do with the money that has been left in the trust, and they can generally do with it what they want assuming it is used for a charitable purpose. To guide these and other decisions, it may be a good idea to create an ethical will that helps testators clarify what they would like their legacy to be.

These and other estate planning tools can be described in detail by an attorney who has experience with these types of matters. Estate planning is not a “one size fits all” endeavor, and there may be other types of documents that could be appropriate for a client’s family and financial situation.