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March 2016 Archives

Family disputes common when bequests are unequal

Family disputes after the death of a loved one can lead to bitter Nevada court battles. They are particularly common when parents treat children differently in terms of bequests. Although there might be a valid reason for unequal bequests, this type of case is more prone to being challenged in court. A parent who intends to treat children differently in their will may find that careful planning and good communication can help in averting legal difficulties later on.

Maintaining relationships through estate planning

After a Nevada parent dies, it is possible that adult children will quarrel among themselves over who gets what from an estate. However, these squabbles may be avoided with good communication from parents while they are still alive. Timely updates and regular conversations may prevent a child from feeling that he or she didn't receive a fair share of the estate. While it may be easiest to split an estate equally among children, it may not always be possible.

Abusive guardianships

Families in Nevada are often concerned about the well-being of elderly relatives. In many cases, these family members work hard to ensure that their relatives are cared for and are receiving the medical care and social support that they need. Unfortunately, some families have been torn apart by probate guardianships. In this type of guardianship, the courts may strip elderly persons of their ability to make decisions regarding their own lives.

The creation of a trust

A Nevada resident who creates a trust as part of estate planning is often referred to as the trust's settlor. In addition to placing property into the trust in question and defining how it should work by filling out the initial legal documents, settlors may fulfill special functions that depend on the nature of the inheritances they want to create. Irrevocable trusts established to benefit other people, for instance, aren't always operated by trustees alone. Settlors may use trust documents to designate specific principles and guidelines that these administrators should follow.

Protecting assets after divorce action

A Nevada resident might think that the completion of a divorce is the end of the financial worry in a marriage. Nonetheless, it is necessary to review accounts such as one's pension, life insurance policies and investments to make updates in terms of beneficiaries. Many of these assets are handled outside of a will or trust after one's death, and failing to make updates could allow these resources to go to an ex-spouse instead of to one's children. Additionally, it is important to update one's will or trust to account for the new life circumstances.

Disadvantages of a SPOA trust

Nevada residents who are thinking about establishing a trust may want to avoid setting up a special power of appointment trust. There are several disadvantages of this type of trust that need to be pointed out.

Posthumous handling of an heir's inheritance

Nevada residents who are named as an heir in a will or trust might wonder about what will happen if they die before receiving their inheritance. There might be an interest in passing such an inheritance on to other family members, but the ability to do so can be limited. Technically, the testator or grantor in question would be responsible for determining how assets would be distributed in case of the inability of one or more heirs to receive their share of an estate.

Challenging powers of attorney for incapacitated people

An issue that sometimes comes up in Nevada is when people are incapacitated at the time they change their will or name another as the executor of their estate. When this happens, family members may challenge the validity of the will through the court.