If you are creating an estate plan in Nevada, you will need to understand the estate planning laws and how asset distribution is handled. Every situation is different and you want to prepare ahead of time so that asset distribution goes smoothly and your last wishes are upheld.
Before you begin your estate plan and decide how to leave your assets, you need to first hire an estate planning attorney to assist you with this process. At Morris Estate Planning Attorneys, our collective years of experience in estate planning have equipped us with the knowledge needed to assist our clients throughout the estate planning process. Keep reading to find out how assets are distributed in Nevada and the different options you have for managing this.
Understanding the Importance of Family Estate Planning
Everyone in Nevada should have an estate plan in place no matter how old you are or whether or not you are in good health. Anything can happen at any time and it is always better to be prepared..
One of the purposes of an estate plan is to outline your last wishes and provide all the necessary information in one place. Without an estate plan, your loved ones may be left on their own to find information that is needed to settle your estate and what steps are required to do that. By not having an estate plan in place, not only do you forfeit control over what happens to your estate, but it also can put unnecessary stress and expense on your surviving loved ones after your death.
It is especially important to have an estate plan if you have any assets that you wish to be divided among your loved ones. It does not matter so much how many assets you have, but more so how you want to leave those assets upon your death and who you want to oversee that process.
However, you should not try to create an estate plan on your own. It is very easy to make mistakes, even if you have a simple estate. Estate plans are intended to be legally binding, so it is imperative that you hire an estate planning attorney to help you with this process to ensure it is done legally and thoroughly.
How Assets Are Distributed in Nevada
One of the most essential elements of an estate plan is understanding how to divide up your estate among your surviving loved ones. In Nevada, you are able to distribute your assets at your discretion. Sometimes, this decision can be difficult, depending on your family dynamics.
Equal distribution means that your beneficiaries will each receive the same amount. On the other hand, fair distribution takes into consideration each individual‘s needs and circumstances, gifts made during lifetime, and other factors which may result in some beneficiaries getting more than others. An example of this is could be when you have a child with special needs, and you want to provide more financial security for them at the time of your death. Another example could be that one of your children has contributed to the growth of the family business and should be entitled to a greater allocation of that business value.
In estate planning, sometimes equal is not fair, and sometimes fair is not equal.
Estate Planning Tips
Now that you know how assets can be distributed in a Nevada estate plan, there are many other things to consider that can make this process easier for your loved one. The settlement of an estate can be more involved than you think and you need to ensure your plan is comprehensive and provides sufficient instruction to ensure the process goes as smoothly as possible.
Here are some tips you can use when creating your estate plan to avoid running into common estate planning problems:
- Access your assets: It is crucial that you create a thorough catalog of all of your assets, whether you consider them to be high value or not. All of your assets will need to be distributed, so you should include all of them in your estate plan, making sure to leave nothing out.
- Wills and trusts: You can also create a will or trust to better protect your estate and assets.
- Appoint an executor/trustee: An executor/trustee is an individual who will settle your estate when the time comes. If you do not appoint an executor/trustee in your estate plan, individuals may be appointed who you do not want to serve in this capacity.
- Consult with a financial expert: It is also a good idea to consult with a financial expert when you are in the process of deciding how your assets will be distributed. A financial expert can help you create a plan that takes care of your loved ones without creating animosity between them.
- Update the estate plan: A common mistake people make after finishing their estate plan is failing to go back and update it regularly. This needs to be done from time to time to ensure everything is up-to-date, as you may need to add or remove certain assets or beneficiaries over time.
- Discuss your plan: Whether you have decided to use equal or fair asset distribution, it may be a good idea to discuss your estate plan with your loved ones. This gives you a chance to explain your decisions so that they can understand your motives.
Contact a Dependable Estate Planning Attorney at Morris Estate Planning Attorneys
Creating your estate plan is essential for alleviating the strain on your loved ones after you have passed away by outlining what your last wishes are. Estate planning allows you to designate beneficiaries and manage whether or not your assets will be distributed equally or fairly, which can have a huge impact on your surviving loved ones.
At Morris Estate Planning Attorneys, our estate planning lawyers are dedicated to providing our clients with the legal guidance they need as they create their estate plans and manage their assets. Contact us today at 702-471-0990 to schedule a meeting with one of our attorneys.