Six Tips and Pointers On Estate Planning in Las Vegas, Nevada
The National Association of Estate Planners and Councils stated that over one hundred and twenty million Americans to not have estate plans that will protect not only themselves, but also their families in the event of illness, an accident or death that are up to date.
An estate plan that is carefully conceived could be one of the most important gifts that you could give to yourself and to those you love. Having an up to date estate plan will provide your loved ones with a clear direction as to what you wish and, give you peace of mind. If you are needing estate planning in Las Vegas, Nevada, here are a few tips and pointers that will help you with the process:
1. Make a Will
When planning your estate in Las Vegas, it is important to write a Will. This will guarantee that your assets are distributed to your loved ones or other beneficiaries in the way you intend them to be. If you do not have a Will, then state law will determine what will happen to your property, which may lead to property being distributed in a manner that you do not want. A Will also allows you to place particular conditions on your assets, for example holding assets for your children in trust until they reach a certain age.
Parent should also name a guardian in their Will. This is who will be in charge of their minor children should both parents have something happen to them. If there is not this provision added to a Will, a guardian will be appointed for the children by the court.
2. Decide How To Distribute Your Individual Assets
The importance of this step is huge, never assume that your family and friends will be able to sort things out on their own. You should opt to openly discuss the subject with those who are involved, let them know it is your wish to leave them something of sentimental and monetary value. This is a great way to avoid any unnecessary misunderstanding and to make sure that your well earned and treasured possessions end up where you wish them to go.
3. Beneficiary Designations Should Be Reviewed and Updated
In the sense that the designated beneficiaries will directly inherit these assets, regardless of what is stated in your Will, you can consider retirement plans, life insurance policies and and payable-on-death accounts to be contracts. Make sure that after any major life event, such as marriage, divorce, etc. that all your beneficiary designations are updated in the manner that you wish, or it could lead to your ex spouse receiving all of your assets in the event of your untimely demise.
4. Choose an Estate Executor Who Is Qualified
An executor will be the one responsible to make sure that your debts are paid and that you assets are distributed according to your Will. For many people, the most obvious choice is their husband, wife or their first born child, there are however other options that you may want to take into considertaion, especially if the process of settling your estate is likely to be complicated or lengthy. A professional executor, for example, a certified public accountant or any other trusted advisor, could have more experience in administering an estate, there is also the benefit of them being impartial when they distribute your assets.
5. Your Family Should Know Where You Keep Your Vital Documents
Preparing a list that states where all assets and important documents are stored is a good idea. Make sure to include birth, marriage and death certificates, particularly of spouses, children and others who may inherit as well. Important financial records such as insurance policies, stock certificates, retirement statements etc. should also be included. Your executor should have the names of your accountant, attorney, stockbroker and any other of your advisors.
6. The Annual Gift Tax Exclusion Should Be Maximized
In order to minimize any estate costs in the future, making an annual tax free gift of $13,000 to any amount of people is a good idea. A couple is able to give a combined gift of $26,000 to each person receiving. On top of the that, the future appreciation on the assets gifted can be transferred away from your estate.
These are just a few tips and pointers to keep into consideration when making your estate plan in Nevada. By making sure that everything is written out, up to date, and properly explained to those involved, you can rest assured that if anything were to happen to you, the process for those you love will be much simpler.