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September 2014 Archives

Setting up a health care power of attorney in Nevada

Many residents of Nevada may be concerned about the health care decisions that would be made on their behalf if they were to become incapacitated by illness or injury. A living will communicates the health care wishes of an individual, but a health care power of attorney actually designates another person to make these important decisions. This person could be authorized to stipulate the forms of treatment to be employed and when the decision would be made to withhold treatment.

Common misconceptions about trusts

A trust may be used to help protect a Nevada resident's assets as well as provide a degree of privacy after the grantor dies. Unlike a will, the use of a trust helps to avoid expensive and public probate proceedings. However, many people think that such an estate planning document is too expensive to create or is only for people who have large estates.

Celebrities and estate planning mistakes

Celebrities can provide great examples of what Nevada residents should be aware of during the estate planning process. In the case of Robin Williams, a co-trustee of a trust set up for his children was forced to make details of his estate public when petitioning the court for a replacement for the other co-trustee who had predeceased Williams. This completely negated the privacy that a trust provides when someone passes away. The lesson here is to repeatedly review and update documents when necessary.

Nevada power of attorney requirements

Under Nevada law, powers of attorney come in two forms. The first are called conventional powers of attorney, the second, durable powers of attorney. Which form is best will depend on the grantor's desires and circumstances. A power of attorney is a form of legal permission allowing another to act on a person's behalf. The person who holds the power of attorney is known as the attorney in fact. He or she must have reached the age of majority, as managing contractual obligations and entering into contracts are among the duties performed by attorneys in fact. The person chosen may, but need not, be a relative and he or she must agree to the task.

The pros and cons of a trust in Nevada

An individual should ask several questions when determining whether or not to have a trust. As they can cost thousands of dollars to create and execute, it may be less expensive to go through a simplified probate process if possible. However, trusts may be less expensive depending on the value of an individual's estate.

Handling debts after death in Nevada

When a person passes away, heirs might wonder if they are liable for his or her debts. In most cases, the answer to that question is no. However, there are certain circumstances where a person's survivors might be held responsible for an unpaid balance.

Different options for passing on your estate

Some Nevada residents who are planning to create an estate plan may want to consult with our attorney about drafting a will. Although many people do not like thinking about what will happen after their death, individuals who establish wills and trusts during their lifetime can help ensure that their property is passed on according to their wishes.

Assets and priorities in estate planning

A Nevada senior dealing with estate planning considerations may wonder about the best assets to keep for passing along to heirs. Some assets are better to retain until death, and others should be liquidated rather than held for testamentary distribution. While the estate planning process is affected by one's unique portfolio, there are some helpful principles to follow in managing assets.