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Extra considerations needed for succession planning

Many people in Nevada and other states draft wills and create various estate planning tools before they become senior citizens in order to prepare for worst-case scenarios and emergency situations. This is a smart move, but it may not be enough when unexpected events occur. An individual should add certain clauses to his or her will that will protect the estate should unlikely circumstances occur.

When drafting wills, people typically prepare for the likelihood that they will die before their heirs. However, they should consider what would happen if a loved one passed away soon after their own deaths or simultaneously. For example, many individuals leave their estates to their spouses but do not plan for what would happen if their partners die at the same time. The order of death matters in regards to estate taxes and beneficiaries. A simultaneous death clause specifies who should be considered to have died first.

If family members pass away around the same time, an asset could be included in two estates. This means that the asset might go through probate twice or be taxed twice in a short period of time. To avoid this from happening, people should include survivorship deferrals in their wills. This deferral states that any assets passed to a person are subject to the condition that an heir survives the benefactor by a given time frame. If an heir dies within this amount of time, then assets pass to a contingent beneficiary.

Detailed estate planning can help ensure that a person’s loved ones will be properly taken care of after his or her death. An individual could also request the assistance of an attorney when preparing wills and trusts. Typically, one should review any estate documents periodically in case changes are needed. Review and editing may also be needed after major events like a birth or divorce.

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