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December 2017 Archives

Passing your values on

Many people living in Nevada are well aware of the importance of estate planning. These individuals often take steps to write and update wills, designate beneficiaries on their insurance policies and retirement accounts and craft extensive end-of-life directives. However, there are some assets that many people overlook. These are the valuable memories, stories and family history that may exist in a person's mind, scrapbooks, journals or blog posts. While this content may have negligible monetary value, it is essential for family members, even those who are not yet born, to have access to it.

Updating your estate plan after divorce may prove wise

During your marriage, you may have expected your spouse to stick with you until the end. As a result, many decisions made during your estate planning process may have hinged on your spouse acting as beneficiary to your property or as agent in decision-making capacities. These roles have great importance, and you undoubtedly wanted to make sure that your trusted spouse took on those positions.

Establishing Security By Creating A Will

Parents in Nevada and elsewhere can take steps to protect their children by creating a last will and testament before they die. It's not a task that is pleasant, but it allows people to make decisions regarding their finances and property as well as how any younger children will be cared for if their parents die before the children are 18.

The importance of passing on knowledge

Nevada residents may be able to learn a lesson from the play "The Summoning of Everyman." It is an allegory about humanity and how the only thing a person has left when he or she dies is that person's good deeds. When it comes to estate planning, the lesson from this play is that knowledge and good deeds form the basis of a person's legacy.

Digital assets and estate planning

Nevada is one of the states that has adopted the Revised Uniform Fiduciary Access to Digital Assets Act. This is important in giving fiduciaries access to a person's digital accounts. However, many people might not think about digital assets in connection to setting up an estate account even though they can have both material and sentimental value.

Legacies in an estate plan

Some people in Nevada who are creating an estate plan may think mainly in terms of financial assets. However, this is only one part of what a person could pass on to loved ones. People also have legacies, which consist of things such as family traditions, beliefs, stories and values. They can be helpful for families in many ways as studies have shown that children often have better self-esteem and coping skills when they have a stronger sense of their family histories.

How charitable trusts differ from other types of trusts

Charitable trusts are governed by somewhat different rules than other types of trusts. People in Nevada who are creating an estate plan that includes a charitable trust may be interested in learning that it can last into perpetuity unlike other types of trusts. This is prohibited with regular trusts to prevent actions, such as someone trying to keep a property in a family indefinitely.

Mistakes with your estate plan can cost you more than money

Nevada readers know that estate planning is smart for everyone, but sometimes, common mistakes can complicate estate-planning efforts. Simply having a will in place may not be enough to protect yourself and your family in case of a contingency. It is prudent to know how to avoid mistakes and missteps, allowing you to potentially avoid complications in the future. 

Estate planning in case of becoming incapacitated

Some people in Nevada may think of estate planning as only involving how they will transfer assets to beneficiaries. While this is an important aspect of it, it also is important that a person arranges to be cared for in the case of incapacity. This involves both financial and health care planning.

Using a trust in an estate plan

Estate plans are not just for people that have substantial wealth. Nevada residents that have any type of assets should have an estate plan in place to ensure that their possessions will be disbursed according to their wishes when they are gone. A well-designed estate plan can prevent conflicts regarding the assets and lessen the tax burden of heirs.