Estate Planning News

The First Step In Estate Planning

Inventory everything you own and assign a value to each asset. Here's a list to get you started. You may need to delete some categories or add others.

• Residence
• Other real estate
• Savings (bank accounts, CDs, money markets)
• Investments (stocks, bonds, mutual funds)
• 401(k), IRA, pension and other retirement accounts
• Life insurance policies and annuities
• Ownership interest in a business
• Motor vehicles (cars, boats, planes)
• Jewelry
• Collectibles
• Other personal property

Once you've estimated the value of your estate, you're ready to do some planning. Keep in mind that estate planning is not a one-time job. There are a number of changes that may call for a review of your plan. Take a fresh look at your estate plan if:

• The value of your assets changes significantly.
• You marry, divorce or remarry.
• You have a child.
• You move to a different state.
• The executor of your will or the administrator of your trust dies or becomes incapacitated, or your relationship with that person changes significantly.
• One of your heirs dies or has a permanent change in health.
• The laws affecting your estate change.

Contact our Nevada estate planning attorney now.

	Did You Know?
	A Will, is sometimes called a "Last Will and Testament" Used to transfer property you hold in your name to the person(s) and/or organization(s) you want to have it. A Will also typically names someone you select to be your Personal Representative (or "Executor") to carry out your instructions and names a Guardian if you have minor children. A Will only becomes effective upon your death, and after it is admitted to probate.