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Nevada residents should value their assets before death

There are many different aspects to estate planning. Some commonly used estate planning tools include a will or trust. With such a document, a Nevada resident can detail how he or she wishes to distribute their assets upon death. In addition, a will can be used to make specific bequests to heirs and beneficiaries.

One recent report that may be of interest to our Nevada readers noted that it is important for those planning an estate to consider the value of their personal belongings. By assessing value before death, an individual may be able to give articles of property to heirs, ether as a part of an estate plan or as a gift while still alive. This can also help to avoid situations where heirs inadvertently make a charitable donation or give away items of significant value while cleaning out the personal property of a deceased loved one.

Using an estate planning tool such as a will allows flexibility for an individual. In fact, changes can be made in many cases as to which property a person wishes to leave to a specific heir. This can be helpful as people sell or acquire personal property over the course of their lifetime.

Planning an estate can seem complicated to some folks in Nevada. When this is the case, it can benefit an individual to review all of the applicable tools available to them. Because many of the estate planning tools can be customized to an individual's needs, it is likely that there s a method available that will ensure that a person in our state is able to leave their assets to those that they wish to when they die.

Source: KWWL, "Lessons in estate planning," Kera Mashek, Jan. 20, 2013

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