When some Nevada residents think about estate planning, they may look around their homes and see numerous assets they have accumulated over the years. They may think that they have to specifically state who gets each of these items as part of their estate plan, and understandably, they become overwhelmed. Fortunately, that is not how estate planning has to be done, and sticking to the essentials could help.
Though it is absolutely possible to leave detailed instructions regarding who gets certain assets, individuals do not have to list each and every item they own and indicate who should inherit it. In fact, parties could use their will to indicate that certain assets should go to certain parties and that the rest should be sold or donated. This may be especially useful if individuals know that their loved ones will not want their niche collectibles or other items that were sentimental to the testator alone.
In addition to a will, parties may want to consider including these planning tools as well:
- A living will or medical directive that details how medical care should be handled if the person cannot make decisions on his or her own due to incapacitation
- Beneficiary designations that allow certain assets to pass directly to the named parties
- A trust for leaving important assets to minors or to have more control over the distribution of assets in general
It’s easy for many individuals to think that creating an estate plan is too overwhelming to do. As a result, their families are left in the difficult position of having to guess at what their loved one may have wanted. If Nevada residents have not yet started estate planning, they may want to gain more information on the process and how much or how little information they need to provide in order to create a plan that suits their needs.