The state of Nevada has guidelines in place to deal with the estates of people who die without a will. However, this takes the estate out of the hands of the person who acquired the assets and leaves it to the state to divide and distribute the properties based on the law. For some people, a will is all that’s needed to ensure their assets are given to the appropriate family members and friends. In other cases, one or more trusts might be more beneficial. An Estate Planning Service in Reno NV could help a person who wants to manage what happens to their assets when they die.
Trusts offer a number of advantages when it comes to estate planning. Although they are commonly thought of as a tool only useful to wealthy people, putting assets in a trust is actually a good idea for many people today. It can be particularly beneficial to those who have been married more than one time and had children from their previous marriage. A trust, unlike a will, could ensure all heirs get their fair share of their parent’s estate.
By working with an Estate Planning Service in Reno NV , someone who wants to take control of their assets will be able to learn about the different types of trusts, such as revocable and irrevocable trusts, charitable trusts, and IRA trusts. An attorney may also ensure their client doesn’t make obvious mistakes that could make it more difficult to enforce the plan. Everyone has a unique financial and family situation, so it’s important to consult a professional rather than simply filling out standard documents found online.
A firm like The Law Office of Todd L. Torvinen has experience helping people plan their estates, and they also help families settle an estate after a loved one dies. In addition to making the initial estate plan, it’s essential to revisit is every few years to ensure the plan remains relevant. As long as the client has sound mental health, the plan can be revised as many times as necessary to ensure it meets the needs of the person who wrote it as well as their heirs.