How to give the gift of estate planning

On Behalf of | Dec 13, 2018 | Estate Planning

Nevadans who are 50 and older may be looking to find ways to secure their legacies both now and well into the future. This is according to the 2018 U.S. Trust Insights on Wealth and Worth study. It found that 67 percent of respondents in that age range want to invest in future generations. In some cases, this could mean paying for estate planning services or other needs that younger folks may have.

However, it is important that a parent or grandparent time their offers of guidance carefully. It may be best to do so after a death in the family or after an adult son or daughter has a child of their own. Furthermore, even if a parent or grandparent pays for an estate plan, they have no right to know the details of the plan. How a plan is drawn up and maintained is generally kept between the person who created the plan and a legal representative.

Of course, a child or grandchild may volunteer key details or allow an attorney to share that information. By being strategic and respectful of estate planning boundaries, it may help to avoid family infighting or other unnecessary drama. It is also important to put an estate planning conversation into proper context and make clear that the younger generation is in control of the process.

Creating a will as part of an estate plan could make it easier for surviving family members to honor a person’s last wishes. For instance, it may ensure that the right beneficiary or entity receives cash or other assets. Wills can also ensure that children are cared for by a particular guardian until they reach adulthood.