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Nevada estate planning can benefit from a review at the start

For many people in Nevada, estate planning means the use of tools such as a will or trust, powers of attorney and long-term care planning. By using these in estate planning, individuals in our state can ensure that their wishes are followed when they die or become incapacitated. This is part of why some decide to begin the process, even though it can be difficult to consider one's own demise.

In Nevada, it is fairly common for people to begin estate planning with the use of a will. Such a document can be tailored to fit the needs of every estate and can direct specific assets to be left to an individual or organization. This type of estate planning tool can be relatively simple and can offer peace of mind to a person who is just starting the process.

Many find that, as they gain assets and comfort with the estate planning process, they turn to the use of a trust. Commonly, a living trust is created that directs how to distribute assets both while its creator is alive and after their death. There are many benefits of a trust, including avoidance of the probate process. In such situations, all assets are placed in the ownership of the trust and the trustee is tasked with their distribution.

There are many available tools for people considering estate planning in Nevada. Because it is important to ensure that all assets are included and that the documents completed are all-encompassing, many find that a complete review of the process is helpful. In addition, a recent report notes that a detailed document listing all available assets should be created and maintained, ensuring that everything is included. Each step can pay off when assets are left to heirs just as a person may have wanted.

Source: money.usnews.com, 4 Steps for Simple Estate Planning, Trent Hamm, Dec. 17, 2013

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