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November 2016 Archives

Death not the only factor when designing an estate plan

Sunny Nevada attracts retirees with estate planning needs. Too often the legal preparation of final plans gets delayed because people do not want to contemplate the end of their lives. A busy schedule can also create the excuse of not having time to make arrangements. Although emotionally difficult to address, death does not present the only concern when a person decides to create an estate plan.

Why having a will is important

Some Nevadans put off writing wills or believe that they don't need to worry about estate planning. However, there are several reasons why it's important for every adult to have a will.

Estate planning for business owners

Although it is important for business owners to focus on day-to-day operations, it is also necessary for them to make plans in case they are suddenly no longer able to operate. Nevada entrepreneurs may want to know about estate planning tips that they can use to preserve their business legacies.

Avoiding the probate process

Probate courts in Nevada and around the country have two primary functions with respect to a decedent's estate. If a person dies without a will, the court will apply the state's laws governing intestacy to determine who should receive the estate's assets. When, however, a decedent dies with a will in place, the court will determine if the document is valid. It will also hear challenges to the will if any are mounted.

How an incentive trust works

Nevada residents who are creating an estate plan and who have heirs that they feel are irresponsible might worry about leaving them money or other assets that they will waste. An incentive trust may be one way to address these concerns.

Creating a comprehensive estate plan in Nevada

When done properly, a good estate plan helps Nevada residents have control of their assets while they are alive and after they die. It will also provide a plan of action in the event that they become mentally incapacitated. However, an estate plan may provide for more than just the distribution of assets upon death. For instance, a delayed disbursement clause in a trust may only allow beneficiaries to receive distributions if certain conditions are met.

Why married people should have powers of attorney

Married Nevada residents sometimes think that they do not need to worry about having powers of attorney in place since their spouses can step in to make the important decisions for them if they become incapacitated. However, there are important reasons for them to draft powers of attorney despite the fact that their spouse can automatically function in the role.

Beneficiary designations can trump bequests

Nevada residents creating an estate plan will typically want to be as thorough as possible in listing their assets and the manner in which they will be distributed after they die. However, a last will and testament may not be the last word in some cases. Probate is a time that allows for the validity of a will to be affirmed, and challenges could arise during this process. Additionally, some types of assets might be listed inappropriately.