Making financial decisions now can ensure that loved ones do not deal with unnecessary stress if you die or become incapacitated. Here are four things you can do in Nevada to avoid becoming a financial burden on your adult children and leave a legacy.
Create a will
Many people have mistakenly thought that their money and assets would go to their loved ones when they died without a will. Unfortunately, that is not the case. This legal document should be the foundation of your estate planning. After choosing your beneficiaries, the will ensures that your wishes get carried out.
Think of your dependents
An important part of your will is stating who will care for your dependents. Before choosing someone, talk with them to ensure they would happily take this responsibility.
Also, consider including trusts as part of an estate plan. Leaving children’s assets in a trust means they can manage them once they are old enough to do so.
Make things simple
Create a list of your investments, life insurance, mortgages, debts, insurance and accounts to keep with your will. This makes it easier for loved ones after your death. Also, consider consolidating assets if they won’t lose value or require you to spend unnecessary money on exit fees.
Don’t forget your pension
Pensions usually fall outside of estate plans. However, you can name beneficiaries. If you have a pension, contact your provider to tell them who will benefit from it upon your death. They will likely recommend you use an expression of will form to clarify your intentions.
Talking about finances as you get older can feel uncomfortable. However, it allows you to leave a legacy for those you love instead of placing a burden upon them.