Tips to help families create an estate plan

The last thing that most Nevada families want to do is sit around the dinner table discussing an estate plan or trusts. No one likes to think of their inevitable mortality. However, having the right plan in place can be a huge blessing during a time of extreme loss.

The wording that is used can make speaking of a person’s own mortality more easy to hear. Instead of specifically using the word death, it may be better to talk about when family members are on their own or when the individual setting up the estate plan is gone. Using softer ways to frame the conversation can help the entire family move past the morbidity and think about how to design the most efficient plan.

Some people put off estate planning because they feel overwhelmed when it comes to assessing all of their assets. However, if an individual works closely with their loved ones, they can start jotting down both financial and physical assets. It is usually best to start with larger assets and then move on to subsections. In each category, they can list the value or price of the asset.

As a person looks at their assets, they will have to make the decision as to who will inherit certain assets. This is another time where a person needs to be realistic about the future instead of fearing it.

Estate and trust planning can be complex. Some have turned to a lawyer. A lawyer may be able to help a family closely examine their assets and then draft an estate plan that truly provides protection for loved ones and offers tax benefits. The lawyer might also be able to answer questions about a special needs trust, a certificate of trust, and other things having to do with trust administration.

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