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March 2020 Archives

Updating estate planning goals after becoming a parent

While becoming a parent can be a joyous occasion, it also comes with a significant level of responsibility. Prospective or new parents in Nevada may feel it vital to take every precaution to protect the well-being and futures of their children, but they might not be certain how to go about achieving this goal. There could be a variety of benefits to addressing one's new parental status and making changes to one's estate planning goals accordingly.

Addressing the necessary estate planning topics

Many individuals may consider having a plan for the future to be essential, but they might not be sure what topics such a plan should cover. With a variety of possible topics to address and potential scenarios to consider, the estate planning process may even seem somewhat intimidating at times. By seeking guidance in addressing all the necessary topics, individuals in Nevada may find themselves better prepared to handle whatever life may bring.

Knowing when to update estate planning documents

Upon experiencing a change in life circumstances, it might not be uncommon for a person's preferences and interests to change as well. Those who encounter such a scenario may feel it vital to take the necessary steps to ensure their plans for the future align with their newfound interests. One step that could help a person in Nevada achieve such a goal could include revisiting current estate planning documents and updating information as necessary, but some might be uncertain of what types of changes may prompt such a need.

Misconceptions about the estate planning process

Many individuals in Nevada and across the nation may feel that having a strategy in place for the future is an essential part of life. However, there are a variety of misconceptions about the estate planning process that could leave a person feeling somewhat hesitant about implementing such a strategy. Seeking advice in debunking the most common estate planning myths could help a person become better prepared to safeguard his or her interests.

What should you consider when choosing a trustee?

When working on your estate plan, you may have decided that using trusts would help you protect assets and achieve other goals you have for your estate and family's future. Making this decision may bring about some peace of mind because you know that the assets will pass directly to your intended beneficiaries and stay out of reach of creditors and other claimants.

The first steps of the estate planning process

When considering what legal and financial protections may be useful for the future, it is not always easy to know where to start. Each individual's needs and objectives are different, and this means each estate plan should be different as well. There are some life events that should trigger the estate planning process or lead to changes in an existing plan. 

The earlier estate planning happens, the better

Many in Nevada are reluctant to think about what will happen after they pass away. Someone who is young and healthy may not think it's necessary to have plans and protections in place for the future, but in reality, estate planning should be done as soon as possible. Life is unpredictable and having a plan can reduce the chance of causing complications for loved ones in the future. It can also allow an individual to have a say over his or her own health care in case of incapacitation.

The uses of trusts and trust modifications

People in Nevada who are creating an estate plan may want to include a trust as part of it. A trust may be revocable or irrevocable. The former can be changed by the creator, also known as the settlor. The latter usually cannot. Irrevocable trusts remove assets from the settlor's control, but increasingly, there have been efforts to find ways to allow them to be modified as well.

Estate planning for childless couples

It isn't uncommon for couples in Nevada and elsewhere to refrain from having children. This may be because they are worried about their parenting skills, focused on professional pursuits or they simply prefer not to have children. However, it is still important for childless couples to pay attention to their estate planning needs.

Why estate planning matters

Despite the importance of creating an estate plan, it is something that many people in Nevada and elsewhere put off for as long as possible. An estate plan can provide instructions for how a person's assets should be distributed after he or she passes. It can also provide instructions related to the management of a person's finances or medical care. A comprehensive plan may allow surviving family members to avoid going through the probate process or paying a large estate tax bill.

How a trust and a will could complement each other

Individuals in Nevada who currently have a will might also benefit from having a trust. A will allows a person to dictate where assets go after he or she passes on. It may also be possible for an individual to name a guardian for a child and take other estate planning actions. However, a trust may be the more efficient tool for those who are looking to leave assets to beneficiaries.

Estate planning: Here's why many people hesitate

You might be one of many people in Nevada who do their best to avoid conversations having to do with their own mortality. It's a fact that every person on earth is going to die someday, but it's also true that many people don't like to think or talk about it. Because it's often an undesired topic of discussion, a lot of people procrastinate when it comes to estate planning.

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