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January 2017 Archives

What happens if a will is destroyed?

Nevada law governs what happens when the will of a deceased person has been lost or destroyed. Generally, per NRS section 136.230, if a will has been lost or destroyed without the knowledge of the testator, a Nevada court may take the will as valid on the same proofs as wills in other cases. The court will require that certain standards are met before the lost or destroyed will can be probated.

Let your estate plan evolve along with your life

If you have a will, you might have gone the whole nine yards and established estate plans that give you complete control of what will happen to your assets upon your death. However, your estate plan -- even if drafted with the guidance of a skilled estate planning attorney -- will be of little use if it did not keep up with the financial and personal changes that occurred over the years.

Over half of Prince's estate will go to taxes

Nevada fans of the musician Prince may be aware that he died without leaving a will. This will result in his estate being split equally between his six siblings under applicable intestacy law. It also means a hefty tax bill. The estate's estimated worth of $200 million is reduced to approximately $88 million after paying 40 percent in federal estate tax and 16 percent in Minnesota estate tax.

Why it's important for estates to have contigency plans

Nevada residents who are creating estate plans may want to consider what they want to happen if a beneficiary dies at the same time or shortly after they do. Naming contingent beneficiaries and building in several layers of beneficiaries may help. A person can even specify that if he or she is not survived by the named beneficiaries, his or her assets will go to a preferred charity rather than distant relatives.

Your plan or the state's: That is the question

You may be one of many people in Nevada who have never executed an estate plan. However, did you know this does not mean you don't have one? In fact, whether you have personally designed your own plan or not, there are default estate rules that activate at the time of your death. This means a plan will be carried out; it is just a matter of whether it will be the one you chose or the one the state has determined appropriate.

The importance of accessing online passwords

In this digital age, cybersecurity is of paramount importance for many Nevada residents. Simple passwords are the primary means most people keep their various online accounts secure. While it is important to keep all passwords and PIN numbers secure, it is equally important that heirs and beneficiaries have access to this information if they need it.

The importance of living wills and powers of attorney

Both living wills and powers of attorney are vital documents for proper health care planning in Nevada. However, it is important to note that they have two distinct purposes as part of an estate plan. A living will is a document that spells out what should happen to an individual if he or she is incapacitated. It will describe what treatment he or she would like to receive as well as what type of treatment options to avoid.

Estate planning mistakes Nevada residents should avoid

While many people aim to emulate celebrities, one thing that they may not want to copy are the estate planning errors of Prince and Whitney Houston. Both of them had large fortunes that may not have been distributed according to their wishes due to a failure to plan ahead.

Explaining will plans to heirs

Many Nevada residents have several children, and determining how to divide assets among the heirs in a manner that will be perceived as fair is important. When adult children feel that their parents' estates were divided unfairly, they may feel resentment towards the siblings who received more.