Considerations when creating an estate plan

On Behalf of | Mar 7, 2017 | Estate Planning

Although many people in Nevada would rather avoid thinking about what will happen after their death, it’s important for individuals to have a will drawn up. When creating an estate plan, there are several ways to make the process easier and to ensure that a person’s actions will provide the largest benefit to their heirs. These include making a complete list of assets and deciding how beneficiaries will receive those assets.

Individuals should determine exactly what property and assets they have and make a list. This will allow a person to be aware of what they have to pass on to their heirs, and it will also be helpful to the executor of the estate when it comes time to dole out property to beneficiaries.

Another consideration when creating an estate plan is who should be a beneficiary and how they should be given property or assets. With a will, assets are passed on to heirs once a person dies. However, trusts allow people to dole out assets over a period of time or based on meeting certain requirements. Requirements can range from turning a certain age to graduating from college. Trusts also can enable someone to determine how money is spent.

An important part of will planning is to be aware that your will should change to reflect changes to your life and circumstances. Births, deaths, marriages and divorces can all affect how someone wants their assets distributed and whom they want to make important choices for them. If someone doesn’t keep their will up to date, assets may go to an ex-spouse or be willed to an individual who is no longer alive. A lawyer could assist someone in ensuring that their estate plan is kept up to date.