Your assets are more than your home and your bank accounts. The unique and valuable assets you have collected over your lifetime are an essential part of your estate plan.
Deciding how to distribute your collectibles can be a challenging part of creating your estate plan, especially if you have loved ones who may disagree with your decisions. It is essential to develop a plan that ensures your one-of-a-kind assets go to the people you intend.
Here’s what you should consider if you have specific plans for your unique assets.
Choosing your personal representative
One of the most important steps you can take to ensure your assets go to the appropriate people is choosing a personal representative you trust. The personal representative will be the person who oversees most of the asset distribution during probate.
When you choose your personal representative, you should consider someone who tends to be uninvolved in family conflicts. Choosing someone who tends to be neutral will help their credibility with your other friends and family when it is time to distribute assets.
After you choose a personal representative, you should talk to them about your estate plan and any concerns you have about the distribution of your assets. You should also speak to your personal representative about any expected conflicts that could come up between loved ones so they can prepare to diffuse the situation.
Nevada asset protection trust (NAPT)
You may also want to consider putting assets in a Nevada Asset Protection Trust. These trusts allow you to keep an asset available for a loved one while protecting it from creditors.
In addition to protecting your assets from creditors, a NAPT is exempt from personal and corporate income taxes and does not require a resident agent in Nevada.
As you consider your estate plan and the protections it might need, you should talk to an experienced professional who can offer suggestions for crafting an estate plan that fits your needs.