One important decision that must be made by people in Nevada who are creating an estate plan is whom to choose for various tasks associated with the estate. These people can be family members or close friends, but they should have the necessary aptitude for the jobs.
For example, the executor, the person who has financial power of attorney and trustees of a trust should all be people who are well-organized and responsible with money. On the other hand, people who have health care power of attorney need empathy. It may help if this person is familiar with the health care system, but it is not necessary. Someone who has already been a caregiver could be a good choice. These types of skills would also be significant in choosing someone as a guardian for minor children.
Selecting the right people for these roles can feel overwhelming, and some people might postpone creating an estate plan as a result. However, it is important to discuss these roles with loved ones and give them the opportunity to accept or turn down the responsibility. Depending on family dynamics, the people who take on these roles may need to be good at conflict management.
A person who is creating a trust might need to pay special attention to the provisions and complexity of the trust. In some cases, it may be too much for a friend or family member to manage. Furthermore, for some types of trusts, it may be up to a trustee to evaluate whether to make distributions to a beneficiary. A trustee might also be a professional such as a lawyer. All of these factors should be taken into consideration when creating an estate plan. People should consider discussing the entire plan with family members since this may reduce the likelihood that it will be challenged.