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November 2014 Archives

Nevada trustee services

Management of your trust is important as you plan not only for your future but also for the futures of those who will inherit your estate. However, deciding on the administration of your trust can be challenging as you select a trustee. Confidence is an important aspect of this decision, but it is also important to evaluate the management abilities of a fiduciary to ensure that decisions will be made objectively and beneficially.

Trusts offer estate planning help for many

The creation of a trust can be beneficial in estate planning for persons in all walks of life. While many consider a trust to be a tool reserved for people with very large estates, the truth is that a trust may also be a good choice for people with more moderate assets, according the National Association of Financial and Estate Planning.

Powers of attorney available to Nevada residents

Granting power of attorney to a third party may be a powerful estate planning tool in Nevada. Those who are thinking about giving power of attorney to others may wish to learn more the three common powers of attorney and what they entail. Understanding how and when these documents take effect may help an individual protect his or her assets and have more say over his or her medical treatment.

How to make an estate plan for digital assets

Digital assets are one of the most overlooked when Nevada residents think about estate planning. Many people may not realize how much money they actually have invested in their iTunes, Amazon or other online accounts. Without proper planning, these assets can be lost upon the account owner's death.

Unmarried couples possess estate planning options

Many couples in Nevada choose to live together without getting married, making for a situation that can lead to a spectrum of interesting financial and tax issues begging consideration. While there may be some advantages to remaining unmarried, including possible income tax benefits, there are some potential drawbacks in terms of estate planning. However, according to authorities, many of these drawbacks can be avoided by taking certain steps.

What are the rules covering the sale of estate assets in Nevada?

Nevada contains specific provisions in its probate code regarding the sale of assets from a decedent's estate. Unless the items that are sold are personal property that are exempted by the probate code, the personal representative must confirm sales of the estate with the court that is presiding over the probate process within 30 days of the sale.

Understanding wills in Nevada

Residents in Nevada may benefit from learning more about the laws governing how wills are handled in the state. Section 133.020 states that anyone of sound mind and age, described as being over 18-years-old, is permitted to dispose of their estate by last will, including real and personal assets, minus the payment of their outstanding debts. In order to be executed, a will must meet certain criteria and be drafted in written, electronic or holographic form, as defined by state law.

Factors to consider when writing a will

When it comes to estate planning in Nevada, many people don't understand that it's an ongoing process and that it requires careful thought and planning. It's not enough to simply create a will and trust that the property will be divide in accordance with the plan. The state may step in and have the estate go into probate, and this can become an expensive process for the heirs. One solution is to invest in a revocable trust and have assets retitled into the name of the trust. With the additional measure of a "pour over" will, additional assets such as jewelry and cars can be gathered into the revocable trust and allocated in accordance with the decedent's wishes.