One estate planning mistake Nevada residents should avoid is leaving their affairs in disorder. This includes the physical, legal and financial aspects of their properties.
People tend to accumulate many items over the course of their lives and may make no effort to sort through the possessions and dispose of what they do not want. The majority of these people, either purposely or unintentionally, leave them for their children to handle. Children or other loved ones who are grieving for the deceased may find it particularly difficult to have to sort through the possessions left behind but may feel obligated to do so. It is a task that can take up to several months to complete.
Individuals should take the time to sort and streamline their possessions. It may be ideal to do so as soon as possible for it is a process that can be difficult to complete as one gets older. People should expect it to take time if they have not decluttered their possessions for some decades. Surviving loved ones will also appreciate if the financial assets of their deceased loved one are also organized. It is not unusual for individuals to have accounts at different firms as well as retirement accounts with multiple employers. To organize financial assets, individuals should focus on consolidation. They may also consider selling off small-scale real estate holdings and investments.
An attorney who offers estate administration services may advise clients how they can ensure that their estate is properly organized so that their loved ones and beneficiaries may not be burdened with organizing their estate while grieving. The attorney may also advise clients about which type of documents can ensure that their assets are managed according to their wishes.