Most people in Nevada have more assets than they realize, a fact that can come to light when they get into the estate planning process. In an ideal estate plan, the plan will be comprehensive and include all of a person’s assets and how to distribute those assets. Many people will make their plan to distribute their assets based on percentages, such as, for a basic example, half of the assets to a spouse and one-quarter each to two adult children.
However, distribution of specific assets, like jewelry or art, can make this type of plan a problem. Why? Well, as a recent article noted, the valuation of these items may be called into question, which can become a contentious issue if the noted beneficiaries of the estate plan begin to question if they are really getting their fair share of the distributions.
To help with this issue, residents who are putting together a comprehensive estate plan can keep a list of assets and the value of those assets — and then constantly update that list to note any changes. The list can all of the assets. In addition, it can include the estimated value of those assets, note who appraised the item and came up with the estimated value. This will ensure that, if needed, an updated appraisal of the value can be acquired.
Not all estate plan issues turn into full-blown probate litigation, but some have that potential. Any Nevada residents who are facing these potential legal problems may want to get more information about their probate court options and how the choices they make will impact the distribution of the estate in question.