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Estate planning tips for childless couples in Nevada

The estate planning process typically entails deciding to whom to leave assets and funds. But, for some Nevada couples and individuals, that may not be so easy. For those without children or who wish to leave assets or funds to others aside from family, the estate planning process can be more complicated and require more investigation.

If there are no adult children to designate as health care proxies or to whom assign power of attorney, it may be tempting to designate a spouse or a close friend. However, if that spouse or close friend is of the same age group, that person may have their own health care needs or may not be around when decisions need to be made. Finding a younger beneficiary can require some forethought and time, but it is a vital step.

There are many options for leaving funds to beneficiaries when there are no children involved. One option that is popular is a gifting plan. This allows a person to leave specific amounts for specific purposes, such as tuition for a beneficiary, by paying the actual institution rather than simply giving the money to the person. A gifting plan can involve dispersing funds even while the gifter is still alive.

Estate planning is a process that everyone in Nevada must think about, regardless of the size of an estate or the size of a family. Deciding whom to designate as beneficiaries or to whom to leave assets and funds can sometimes be a difficult decision if one is childless. Whenever a person who is childless begins the process of estate planning, it may be helpful to investigate options available that may not be explored or as well-known as others.

Source: yourhoustonnews.com, "Aging and estate planning for those without children", , Aug. 30, 2014

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