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Wills Archives

Tips for talking about inheritances

Taking time to talk with family members about estate planning can be worthwhile for Nevada residents. Having this conversation can make it easier to plan for a range of issues such as where money will come from to pay for a parent's long-term care. It can also make it possible for family members to create a plan to transfer wealth while minimizing inheritance and other taxes.

Why estate planning matters for adults of all ages

Nevada ressidents may be able to learn a lesson about the importance of estate planning for adults of all ages from the Swedish musician Avicii. Avicii died in 2018 at the age of 28 without leaving any kind of estate plan behind. According to Swedish law, his parents will inherit his entire estate although this may not be what he would have wanted.

Changes an estate plan may need after divorce

Major life events should trigger a review of the estate plan for people in Nevada, and divorce is one of those events. The first step is to review the will. The executor, which is often the spouse, may need to be changed along with other elements of the will that include the ex-spouse's family.

When a will is not enough

Nevada residents who are wondering if a will is enough for an estate plan should consider several points. If someone simply wishes to transfer his or her assets to loved ones and does not care about efficiency, then a will may be all that is needed. However, when an estate owner wants to get their assets to their beneficiaries as efficiently as possible, or if they want to add in details that are unrelated to testamentary intent, they likely need to go beyond a will.

How to give the gift of estate planning

Nevadans who are 50 and older may be looking to find ways to secure their legacies both now and well into the future. This is according to the 2018 U.S. Trust Insights on Wealth and Worth study. It found that 67 percent of respondents in that age range want to invest in future generations. In some cases, this could mean paying for estate planning services or other needs that younger folks may have.

Reasons an estate plan may need updating

Estate owners who have moved to Nevada from another state should consider updated their estate plans. State laws vary, and it might also be necessary to show proof of a change in residence. Moving to a different state is one of a number of reasons why an estate plan may need to be reviewed and updated. A change in tax law is another reason.

Common and avoidable estate planning issues

When it comes to making an estate plan in Nevada, the primary concern of most people is making things as stress-free as possible for their heirs. Among the problems that commonly arise in the administration of an estate plan are errors in beneficiary designations, outdated plans and lack of information.

How living wills benefit all adults

Nevada residents and those living throughout the country can benefit from having a living will. This is true regardless of how old a person in. Younger adults could suffer mental or physical injuries in an accident, and having a proxy could make it easier to get the level of care that they want. Those who are diagnosed with a serious illness may want to create or adjust their living wills.

How to avoid common estate plan issues

Nevada residents who are fans of Stan Lee may still be mourning his death. However, there are estate planning lessons that can be learned from his passing. The first lesson is that an estate plan needs to be reviewed as a person ages. Another lesson is that it is important to choose the right people to carry out various roles, such as power of attorney.