Considerations when starting the estate planning process

On Behalf of | Aug 5, 2019 | Trusts

For many Nevada residents, estate planning is not something that is considered to be a priority, especially when the person is healthy. However, it can suddenly become an issue if the person falls seriously ill. In other cases, the person may become involved in a serious accident and not survive. If this happens, the person’s remaining family are left to deal with the person’s estate.

If a person wishes to create a will or otherwise determine who will get what in the event of his or her death, the first thing that should be done is to contact an estate attorney. The attorney may be able to provide advice based on what the person wants. He or she can explain what types of trusts are available and what advantages each type of trust has.

In the event that the person has numerable assets that he or she would like to leave for his or her children, the children’s marriages or future marriages should be considered. A child could get divorced or even decide to get married to a new spouse who already has children. The person will need to decide if the ex-spouses or children of the new spouse will be entitled to any of the assets.

If a person dies without a will, the state will have the authority to divide up the estate in whatever way it sees fit, even if this is not what the deceased person intended. An estate planning attorney might work with a person to draft a will and set up a trust that benefits the beneficiaries. In some cases, the attorney may even be a certified financial planner, allowing the attorney to set up the trusts or draft the wills in a way that the division of the estate will be beneficial for all of the beneficiaries.