Why estate planning is always worthwhile

On Behalf of | Feb 5, 2019 | Estate Planning

Creating a will or comprehensive estate plan is not something that adults in Nevada should be apprehensive about. It can act as a form of insurance against an unexpected event such as an illness or a death in the family. Furthermore, estate planning is an effective way for business owners to protect themselves in the event of a divorce.

Those who have been married in the past may have children who will be heirs. An estate plan can help to protect the interests of a child from a previous marriage while also accounting for the needs or goals of the current spouse. It can also make a divorce easier as an estate plan or similar arrangement may determine how assets are divided. If an individual owns rental property, it could be a good idea to put them into an LLC for additional protection.

The first step to creating an estate plan is to have a conversation about the topic. A spouse should take time to consider and express their needs and goals and how they mesh with the needs of a partner. The will can contain provisions that allow assets to be transferred to children or others from previous marriages. This may prevent infighting and allow survivors to process their loss in a timely manner.

Creating a will, trust and other estate planning documents could help a person retain control over assets. An attorney may help a client create these documents or amend those that already exist. Even if no changes are necessary, reviewing an estate plan may ensure that it does what the creator intends it to do. Plans will ideally be reviewed once a year or after a life event.