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How wills factor into an estate plan

Nevada residents may have a will that plays a role in determining where their assets go after they pass. However, a will by itself is not necessarily an estate plan. The estate plan is everything that a person does to manage their assets now and in the future. It can also help ensure that children and grandchildren are taken care of.

One of the main benefits of having a will is getting to specify who receives an asset such as a house or car after passing. Without a will, assets are divided up based on existing state law, and those individuals may not be the intended beneficiaries. Individuals can also choose to leave assets to a charitable organization or other entity after they die.

Furthermore, without a will, a judge may decide who a child's guardian is. This person may not be who a parent would ideally like to have raising his or her children. Generally speaking, a parent will choose a family member or trusted friend to care for a son or daughter until that child becomes an adult. If an adult son or daughter has special needs, a will may provide instructions as to how to care for that person or offer resources to provide that care.

A last will and testament may be an important part of an overall estate plan. Individuals may also wish to consider adding a trust, power of attorney and other documents to strengthen it. An attorney may work with a person to determine if these or other tools are necessary to meet his or her needs. Legal counsel may also review any documents that have already been created to determine if they are still necessary and whether they are structured properly.

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