One of the biggest challenges for some people in Nevada who are creating an estate plan may be dealing with family dynamics. If not attended to, conflict can lead to litigation, and ultimately, a person's wishes may not be carried out. However, there are steps that can be taken that may prevent this.
One common error people in Nevada might make regarding an estate plan is having one that family members cannot access. People may encrypt an estate plan on a computer or place it in a safe deposit box. An attorney may be able to help a person plan how to best store the estate plan that allows for both security and necessary access.
Estate plans sometimes use Nevada trusts to achieve goals like privacy or reduction of estate taxes. Heirs could also benefit from trusts because these entities shield assets from creditors and divorces. A trust by its nature must have a trustee to manage assets and distribute funds according to the terms laid out in the trust documents. The trustee can be a family member named by the benefactor, an attorney, or an institution like a trust company. Although people might feel inclined to select their spouses or children as trustees, an outside party could present the best choice.
It's not unusual for parents in Nevada to instinctively think of a will when estate planning is discussed. Part of the reason for this is a lingering assumption that trusts are only for wealthy individuals, or that they are just too complicated. However, there are several advantages a trust can offer any parent looking to protect assets that can't be offered by a will.
While some people in Nevada have a natural curiosity about what kind of salacious details might be found in celebrities' estate documents, there are sometimes important lessons to be learned when such individuals pass. This is the case with American socialite, public relations executive and interior decorator Lee Radziwill. Her estate plan serves as an example of how accumulated wealth can be effectively passed along and preserved for future generations.
Some estate owners in Nevada may need to create a trust for a beneficiary who is struggling with an addiction to alcohol or drugs. This trust should have special considerations to serve the heir. In order to set up an effective trust to help a beneficiary with an addiction, however, it is necessary to understand addiction.
Some people in Nevada have enough faith in the future of science to consider having themselves frozen when they pass away with the hope of someday coming back. For individuals seriously exploring this option, the thought of waking up with no available assets or funds is a valid concern. Surprisingly, there's actually a trust that can address this particular unique need of people who prefer self-preservation. It's referred to as a future income or revival trust.
In the 1980s, it wasn't uncommon for individuals to create irrevocable trusts for their children or grandchildren. While irrevocable essentially means unchangeable, Nevada law makes it possible to decant a trust. This means that assets are poured out of the trust and placed into a new revocable trust. Doing so will allow a parent or grandparent to protect a beneficiary who is irresponsible with money or otherwise not fit to receive an inheritance with no strings attached.
Nevada residents typically feel relief and satisfaction when they complete their estate plans. These important decisions and documentation, however, might not meet their needs forever. Changing circumstances and life events could make portions of an estate plan obsolete, ineffective or inconvenient.
There are multiple legal documents needed to have an efficient estate plan. In addition to having a power of attorney, will and medical directive, Nevada residents should also make sure that they include a trust, such as a revocable trust, in their estate plans.