Creating a proper estate plan involves more than consulting with an attorney about various types of trusts, wills and estate planning strategies. Nevada residents who want to make sure that the wealth that they have accumulated is sustained long enough to benefit future generations should employ estate planning methods that go beyond conventional actions.
The division of the estate should be the first point of consideration. According to estate planners, estates should be divided equitably, fairly or equally. However, this can be difficult for individuals to do, as they are aware that their children or other intended beneficiaries differ with regard to being responsible or having certain prospects. Despite this, parents may still feel the need give their children equal portions of their estate.
One alternative parents may want to consider is using all three methods of dividing their estate. For example, for parents who want to provide financing for their children’s education, they can allocate their wealth based on the education goals of their children, such as whether they want to attend a communicate college or pursue a trade.
This is likely to result in different amounts being allocated to each heir. However, each heir will be provided the same opportunity and will be able to make the most out their individual interests and talents. Additional ways individuals can fairly distribute their money is by offering assistance with starting a business, getting a first home or medical care.
An attorney who practices estate planning law may consider the financial standing of a client and may recommend certain planning strategies to ensure heirs are able to benefit from the client’s estate. The attorney may explain which types of legal devices, such as trusts, may be used to bypass the probate process and ensure that the assets are managed in a certain manner.