Estate planning beyond the will

On Behalf of | Sep 19, 2018 | Estate Planning

Nevada residents who are creating an estate plan may think that they only need to create a will. However, addressing other details may help reduce family conflict and can help ensure that other important elements are not forgotten.

One of those issues is beneficiary designations. Certain assets are passed down using these forms, and they do not have to go through probate like the will does. This means beneficiaries get them more quickly. People should also make sure there are not old accounts they have forgotten about with outdated beneficiary information. Making a list of all assets can be helpful to heirs. Another consideration is sentimental items such as family engagement rings or photos. Heirs often fight over these. A codicil is an addition to a will, and if the will is already complete, it can be used to add these types of assets.

Digital assets are another important consideration. These range from digital currency to photo albums in the cloud, reward programs and various online accounts. People should be aware that individual providers may have rules regarding who can access these types of assets. For example, an iTunes library cannot be transferred to another person.

There are a number of other considerations besides will planning for a person creating an estate plan. Some people might want to look into whether a trust would be an appropriate tool for their estate. Another consideration is powers of attorney for financial and medical issues in the event that the principal becomes incapacitated and incapable of making these types of decisions.