Preparing for estate planning by taking inventory of assets

On Behalf of | May 3, 2020 | Probate And Estate Administration

Many individuals may accumulate a significant amount of assets throughout life, even if they might not be fully aware of it. As such, the idea that one does not possess enough wealth to enter the estate planning process might be unfounded. By taking inventory of all of one’s assets and wealth and exploring the available estate planning options, a person in Nevada may become better prepared to create a strategy to protect his or her future interests.

When it comes to identifying assets, most individuals may immediately think of items such as a home or a motor vehicle. However, they might not always account for items such as works of art or antiques, and such items only account for the tangible. Intangible assets such as investment or retirement accounts and life insurance policies may also play a role in such a process, as can assets such as stocks and bonds.

Experts indicate that many of those who feel they have limited wealth may be surprise by the amount of assets they posses. Identifying the full scope of one’s assets and wealth could be imperative to making informed choices about the future. Such a process could also help alleviate concerns about the estate planning process and help a person prepare to address every necessary topic.

Many individuals who wish to protect their futures may still be uncertain of all the available estate planning options and how these options might help them achieve their goals. Fortunately, a person doesn’t have to go through this alone, and by consulting with an experienced attorney, one could obtain much needed guidance in navigating the process. An attorney in Nevada can work with a client in making informed choices about the situation and assist in creating a plan that reflects his or her wishes and needs.