No one likes thinking about dying, but it is a part of life. If a person, especially a parent, fails to prepare a will, they can put their loved ones in a bind. Here are a few things that Nevada residents should keep in mind as they go about estate planning and prepare their wills.
Couples in Nevada that marry later in life with children from prior relationships may need to pay special attention to estate planning. When people create a will, they are making decisions about how they want their assets to be distributed. It can be important for people to think about all of the complicated family relationships involved to help ensure the outcomes that they desire. If a person leaves their entire estate to their spouse, it becomes his or her property. This means that there is no guarantee that those assets will be later passed on to children or any other party.
Couples in Nevada and throughout the country have many reasons to create an estate plan even if they don't have children. For example, they could still have assets that they want to give to friends, family members or charitable organizations. A will can be a powerful tool to help a person transfer assets to the individuals or organization that could benefit the most from it. Without a will, assets may be distributed according to state law.
Younger people may not have put too much thought into planning for the future of their assets after they pass away. Many millennials do not yet have children, and others have accumulated little in terms of assets. While people may have investment accounts, many often struggle with student loans. People who are single with no children are generally less likely to think about making a will or completing other documents. However, adults of any age can benefit from making an estate plan, especially if they want to provide for pets or have a say in key health care decisions.
One of the most important parts of planning for the future is having a comprehensive estate plan. Nevada residents who want to ensure their loved ones are cared for and their assets are allocated according to their wishes should think about wills and trusts. The individual goals and circumstances will be fundamental factors in deciding which to choose.
Trusts have become the gold standard for many people in Nevada when it comes to making plans for the future. They can be used not only to set up advantageous tax structures during the creator's lifetime but also to pass on key assets after death. Trusts have several advantages for the estate planning process. They provide a higher level of control and specificity about how assets are distributed. In addition, they provide significantly more privacy. Unlike wills that move through the probate courts, trusts are handled as private matters. Trusts also provide greater abilities to create ongoing funds and generational wealth to support future family members, charities or philanthropic work.
One Forbes article from August shares advice from a tax lawyer about estate planning and what happens when a spouse passes away. Nevada residents might want more information about this topic.
Nevada residents who are legally competent and 18 or older may draft a last will and testament. They may then amend or revoke a will when their situations change. They can also make changes as often as they wish. However, making frequent amendments could raise questions about the testator's state of mind and lead to speculation that changes were being made under duress.
Those who live or own property in Nevada may be able to write their own will. However, it may not be the best idea to do so. This is because there are many issues that people may not account for on their own. For instance, an individual may not realize that minors can't own property outright. Furthermore, someone who writes his or her own will may not realize that it can be used to designate a guardian for a child.
It's common for millennials in Nevada and elsewhere in the nation to have a desire to keep things simple, even when it comes to estate planning. They often prefer assets that suit their portable lifestyles. Younger adults also tend to gravitate towards simple documents like wills.