While Nevada is home to the gambling hub of Las Vegas, your estate plan is never something you want to take chances with. Unfortunately, many people make mistakes while trying to tackle estate planning alone.
Underestimating the complexity of your estate plan
Some people can complete the estate planning process quickly, and others can’t. However, those with large estates need to realize how complicated it can be to plan something so massive. Making mistakes with your estate plan can lead to delays and paying unnecessary estate or tax-related expenses.
Many people with moderately sized estates underestimate how many assets they actually have, and this leads them to overlook some parts of their portfolio when they are planning their estates.
Failing to update your estate plan regularly
Life is often full of surprises. Familial relationships can sour, and marriages can lead to divorces. On the bright side, people can also mend broken relationships or start new ones. New members are brought into the family. All of these changes would also affect your estate plan. After all, you probably wouldn’t want all your assets going to an ex-spouse or someone you no longer get along with. Likewise, you’ll certainly want to include a new grandchild.
Not knowing Nevada’s estate planning laws
It’s understandable not to know that each state has its own rules and regulations about estate planning. For instance, under Nevada law, spouses and children receive property left behind by the deceased. If a person has no children or spouse, the property can go to either parents or grandchildren.
During the estate planning process, one mistake or misstep can lead to a lot of unwanted stress for your loved ones. Take your time and be thorough while working on estate planning-related tasks. By doing so, you’ll be sure that your wishes are carried out the way that you want them to be.