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March 2015 Archives

Basketball coach's will honors his players

Nevada residents who are planning their estate might be interested to learn how a former basketball coach honored his players after he died. After the former head basketball coach for the University of North Carolina died at the age of 83, approximately 180 of his former players received $200 checks with instructions to use the money for a dinner out.

Learning about charitable trusts

Nevada residents may be interested in understanding more about the benefits and process involved with creating a charitable trust. These trusts allow individuals to donate significant funds to certain charities without diminishing the wealth held in personal banking accounts. Estate owners may consider using a charitable lead trust or a charitable remainder trust. Many estate owners wait to secure college tuition and retirement savings before using discretionary income to fund charitable trusts.

Understanding what happens to a person's debts when they die

Nevada residents with an interest in the estate planning process may wish to know more information about what happens to a person's debts when they pass away. Depending on the type of debt and who is involved, the answer may be complicated.

Wills may be useful for many people

Nevada residents may have wondered at what point in their lives they should write a will. Some might even believe they own too few assets for the document to be worth the effort. Statistics show approximately 70 percent of all adult Americans have neglected to draw up a will. However, anyone who has a family, a home or any type of savings account may benefit from drafting some basic estate planning documents.

Billionaire faces a court battle over mental competency

Nevada residents who are interested in the estate planning process may wish to know about one billionaire's legal battle to prove he is mentally competent. Given the circumstances, this kind of situation is relatively common in mixed families.

The role of probate in estate administration

Nevada residents who are estate planning may wonder whether a will is the best choice. They might have heard that probate can be expensive and time-consuming. The probate process refers to the legal recognition of the will and the appointment of an administrator for the estate. This person's job is to inventory and distribute assets. Usually, the process is not lengthy or costly.

Helping people to create wills and set up trusts

Although many people in Nevada would rather not think about the possibility of their own death, it is important to get estate planning issues taken care of. Without a completed will, a decedent's assets are distributed based on Nevada intestate succession laws. In addition to being impersonal, this method of property division could result in higher estate taxes for beneficiaries and may not be in accord with what the owner had wanted to be the recipients.

The basics of using a will in Nevada estate planning

When an individual passes away, he or she may have created a will that determines where his or her assets go after death. In the event that an individual dies without creating a will, state law determines who gets some or all assets remaining in that person's estate. In most cases, assets are given to the deceased's spouse or children. Assets may be given to other family members if the deceased had no children.

The role of the public administrator in Nevada

If there are no known heirs to an estate, or if there is no executor to an estate, a public administrator may be called in to protect it. In some cases, a public administrator might be named in a will to be the executor of an estate, or a judge might appoint one to be the executor. The latter scenario generally occurs if a named executor fails to act and part of or all of an estate may be at risk.