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The multiple benefits of an estate plan

Nevada residents and others who are looking to obtain control over assets or their medical care can benefit from having an estate plan. A living will determines how assets should be used to assist an individual who has been incapacitated. It can also determine how to dispose of assets if an incapacitated individual passes on. Those who wish to provide money or other property to a charity should have an estate plan.

It may be possible to make donations through a will or through a trust. How a person chooses to make gifts as part of an estate plan depends on his or her unique goals and financial situation. Estate plans can also make it easier to distribute assets to future generations of family members. Even if a person doesn't have kids, it can still be possible to give money or other property to a niece or younger cousin.

Putting assets into a trust could protect them from being seized or liquidated to satisfy a judgment against an individual. Insurance policies and limited liability corporations are also tools that can be used to help a person protect assets now and in the future. The process of estate planning can be used as a tool to educate family members and others about the goals of a plan and the intent behind those goals.

The use of a living trust or other type of trust document can be an effective way to organize and manage assets. In addition to providing protection against creditors, it can also be used as a way to help beneficiaries better manage their inheritance. In some cases, a will as structured by an attorney may be used to provide for multiple generations. For those looking to support good causes, a trust could both provide for an individual and the charity.

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