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May 2019 Archives

Mistakes to avoid when creating an estate plan

While estate planning is important for all adults in Nevada, it is critical to do so properly. A common mistake that people make is to leave assets directly to minors. A better idea is to leave the asset to a trust that a minor child or grandchild is the beneficiary of. If a trust is created, it needs to be funded before its creator passes on. Otherwise, assets that were intended for the trust may still need to go though probate.

Anticipating family conflict and creating an estate plan

One of the biggest challenges for some people in Nevada who are creating an estate plan may be dealing with family dynamics. If not attended to, conflict can lead to litigation, and ultimately, a person's wishes may not be carried out. However, there are steps that can be taken that may prevent this.

Tips for avoiding common estate planning mistakes

One common error people in Nevada might make regarding an estate plan is having one that family members cannot access. People may encrypt an estate plan on a computer or place it in a safe deposit box. An attorney may be able to help a person plan how to best store the estate plan that allows for both security and necessary access.

Estate plans cover a multitude of wishes

In Las Vegas, Nevada, the distribution of property is often part of a detailed estate plan. Although some people detest the thought of establishing estate plans, sound financial planning regarding estates can offer peace of mind. Some people avoid thinking about inheritance issues because of superstitious beliefs. These superstitious individuals believe that making their wills may cause bad luck or even death. The fact is that people eventually die regardless of whether they have wills or estate plans.

Does your estate plan include your pet?

You have likely seen the commercials that feature abandoned and abused dogs and cats left to survive and struggle on their own. These commercials often make pet owners pull their animals close and assure them such a thing will never happen to them because you love and care for them as members of the family.

Power of attorney is an essential estate planning tool

When many people in Las Vegas think of estate planning, they often imagine a will or trust. They would be correct in considering these to be the foundations of a proper estate plan. However, estate planning attorneys may advise that other documents are just as necessary. One of the more important documents is the power of attorney.

Potential estate planning risks associated with online wills

Some people in Nevada are ardent do-it-yourselfers when it comes to everything from household tasks to taxes. But a DIY approach to preparing a will could contribute to some oversights or missteps that may be problematic for loved ones left behind. One potential problem is that some sites may omit important companion documents, such as a financial power of attorney and an advance healthcare directive, or only offer them with higher-priced packages.

Potential pitfalls of naming family members as trustees

Estate plans sometimes use Nevada trusts to achieve goals like privacy or reduction of estate taxes. Heirs could also benefit from trusts because these entities shield assets from creditors and divorces. A trust by its nature must have a trustee to manage assets and distribute funds according to the terms laid out in the trust documents. The trustee can be a family member named by the benefactor, an attorney, or an institution like a trust company. Although people might feel inclined to select their spouses or children as trustees, an outside party could present the best choice.

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