Cassady Law Offices, P.C. - Las Vegas Estate Planning Attorney
Call for a free consultation
702-706-1083

Creating a rationale for an estate plan

Some people in Nevada who have a will might want to consider whether it is enough to convey their intentions to loved ones. Often, even with a will and other estate planning paperwork in place, families argue about a testator's intentions. No asset is too insignificant to spark this kind of argument. One brother and sister fought over their father's surfboard in court and ended up spending more than $750,000.

However, it is possible to leave documents for family members that explain the reasoning behind will planning and other decisions. The first step is to make a list of documents, including sentimental items, and their value. Next, a person should write a letter of intent and instruction. This letter explains the rationale behind the estate planning decisions and who receives what. It may reduce the likelihood that family members will challenge elements of the plan by saying they understand what the person really intended to do.

People also should consider who they have appointed for various roles in the estate plan and whether they have made the appropriate choices. Depending on the plan, there may be an executor, one or more trustees and a guardian for minor children. All documents should be reviewed and updated regularly to ensure that they are consistent with changes in the family.

One document it is important to review regularly is the beneficiary designation. This may be used to name someone to inherit a retirement plan or life insurance policy, and it is easily overlooked. As a result, an ex-spouse or someone else who is no longer a part of a person's life can end up inheriting a significant amount of the estate. Powers of attorney that appoint people to handle medical and financial decisions if the principal is incapacitated should also be reviewed.

No Comments

Leave a comment
Comment Information
Email Our Team

More Questions? We Have Answers.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Las Vegas Office
10799 West Twain Avenue
Las Vegas, NV 89135

Toll Free: 800-557-6423
Phone: 702-706-1083
Fax: 702-650-5561
Las Vegas Law Office Map

Henderson Office
2425 W. Horizon Ridge Pkwy.
Henderson, NV 89052

Toll Free: 800-557-6423
Phone: 702-706-1083
Map & Directions