When a Nevada resident gets remarried, the second marriage could represent a new chance at family happiness, but it also means his or her estate plan should be updated. Subsequent marriages often create blended families with both spouses having children from other partners and then perhaps with each other. Trusts are often used to communicate the intentions of each partner when it comes to inheritances.
Single and childless people in Nevada might wonder what kind of an estate plan they need. In addition to deciding who to leave their assets to, they may also want to think about who will manage their health care and financial affairs if they become incapacitated. If a person dies intestate, which means dying without a will, then the state decides how that person's assets are distributed.
Nevada lawyers with experience in estate planning draft wills, trusts and powers of attorney for their clients, but there is one very important document that is not written by an attorney. Letters of final wishes have no legal standing and do not influence how assets will be distributed, but they do convey information and requests that grieving relatives and friends may find both comforting and useful.
Nevada residents whose estates are large enough to worry about federal estate tax will probably want to review their estate plan if there is an estate tax repeal. For most people who expect to owe estate tax, devising ways to reduce the value of the estate and bring the tax down as close to the exemption amount as possible is the cornerstone of the estate plan.
Nevada residents who are creating an estate plan may want to consider an estate analysis and a settlement cost analysis. The former reviews the current arrangements to make sure they are consistent and effective. For example, an estate analysis could reveal that a will conflicts with a testator's beneficiary designations on life insurance policies and similar accounts. Beneficiary designations override wills. A settlement cost analysis examines the costs of various options for estate planning and takes into account factors such as inflation and charitable bequests.
Nevada residents wishing to put their final affairs in order have many legal tools at their disposal to create a comprehensive end-of-life package. Wills or trusts, or a combination, can be used to distribute money, real estate, and other assets. These legal tools typically prevent the state from making decisions about an estate after someone dies. The parent of young children may use a will to appoint a guardian.
From healthcare decisions after a disabling accident to child custody designations, all Las Vegas residents can benefit from some form of estate planning. It is a collection of documents that are personalized to meet a variety of needs both before and after death. The issues can range from establishment of trusts to powers of attorney for health care and financial decisions, but they all share one thing in common. A complete estate plan relies on choosing the right people to fill designated roles.
An estate planning tool such as a will that does not clearly express the wishes of a decedent can result in confusion and conflict for families and heirs. Nevada residents may benefit from learning tips for how to make sure their estate is distributed according to their preferences.
Creating a will is something that Las Vegas residents can do whenever they want. Regardless of when it is written, it should be as comprehensive as possible and provide alternative options should unexpected events occur. For instance, it may be a good idea to include an alternate beneficiary in a will in case the primary beneficiary passes away.
Although many people in Nevada would rather avoid thinking about what will happen after their death, it's important for individuals to have a will drawn up. When creating an estate plan, there are several ways to make the process easier and to ensure that a person's actions will provide the largest benefit to their heirs. These include making a complete list of assets and deciding how beneficiaries will receive those assets.