Many Nevada residents who have substantial assets to pass to their children or grandchildren should be aware of what steps to take to ensure that their wealth is allocated in the manner they prefer. It may be beneficial for individuals to have a financial advisor work with an estate planning attorney so that their needs are fully met.
Parents should speak with their children about their inheritance. They should be careful to consider the emotional aspects of the conversation and realize that as parents, their views about money may differ from that of their children. Parents may also be particularly concerned about ensuring that their assets are protected for their married children in the event of a divorce. Any assets that the children inherit should be in their name only, and the children should always maintain the titling in this manner.
Alternatively, a trust can be used to hold the wealth for heirs and to protect the assets from being divided due to a divorce. Assets that are placed in trusts are not directly owned by the beneficiaries and can make it more complicated for an estranged spouse to claim during a divorce. Parents may also want to consider suggesting the benefits of a prenuptial agreement to their children. It is another legal tool that can be used to protect assets from a divorce, but it requires that both parties voluntarily provide full disclosure about their finances.
Individuals who need assistance with protecting their assets and ensuring what happens to the assets when they die should consult with an attorney who practices estate planning law. The attorney may consider the types of assets they own and their goals and may suggest using a certain form of trust.