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April 2017 Archives

Protecting assets for heirs

Many Nevada residents who have substantial assets to pass to their children or grandchildren should be aware of what steps to take to ensure that their wealth is allocated in the manner they prefer. It may be beneficial for individuals to have a financial advisor work with an estate planning attorney so that their needs are fully met.

As executor, do you know how to use a letter of testamentary?

If a loved one names you as the executor of his or her estate, you may feel honored. You may understand the trust your family member had in you to appoint you to such an important position. Though you feel ready to take on the obvious responsibilities associated with attending to the estate after that loved one's death, you may not understand certain necessary steps you have to take in order for other entities to acknowledge your role.

Perpetuity and the charitable trust

Nevada residents who are making an estate plan may be interested in creating a charitable trust. A charitable trust has a number of differences from other types of trusts. The first is that the charitable trust does not necessarily have to identify a beneficiary. It may simply name a purpose that broadly benefits the public.

The use of community property trusts

Nevada couples may enjoy some benefits for their estates because they live in a community property state. One of these benefits is that all of the property that is acquired during the marriage jointly is considered to be the community property and thus owned by each spouse.

Important issues to address during estate planning

Nevada residents wishing to put their final affairs in order have many legal tools at their disposal to create a comprehensive end-of-life package. Wills or trusts, or a combination, can be used to distribute money, real estate, and other assets. These legal tools typically prevent the state from making decisions about an estate after someone dies. The parent of young children may use a will to appoint a guardian.

Letting heirs know where to find estate planning documents

Some Nevada residents may have created an estate plan but not shared the whereabouts of the documents with their loved ones. According to a 2016 study by BMO Wealth Management that surveyed more than 1,000 people, only 33 percent of people had told their heirs where to find estate planning documents, and only 10 percent gave their heirs original copies. More than 10 percent of people said their heirs did not where to find the original documents, and one-quarter said that only their spouse knew where documents were located.

How to benefit from a life estate

Many Nevada residents take estate planning steps such as making transfer on death or beneficiary designations where applicable. However, this may not be enough to ensure that a person's home is handled according to his or her wishes. Even if it does pass to an adult child or another preferred party, that person may be stuck with maintenance fees or mortgage payments until it eventually sells.

What is a letter of testamentary, and do you need one?

If someone in Nevada designates you as an executor in a will, you incur various obligations and responsibilities to carry out certain duties. For this and other reasons, it's crucial to discuss such matters ahead of time. If you're caught off-guard when informed that a friend or loved one listed you as an executor to a will (about which you had no knowledge) it might lead to all sorts of stress and complications.

Guidelines for naming people to roles in will planning

From healthcare decisions after a disabling accident to child custody designations, all Las Vegas residents can benefit from some form of estate planning. It is a collection of documents that are personalized to meet a variety of needs both before and after death. The issues can range from establishment of trusts to powers of attorney for health care and financial decisions, but they all share one thing in common. A complete estate plan relies on choosing the right people to fill designated roles.

The uses of a trust in an estate plan

Some Nevada residents might wonder whether they need a trust as part of their estate plan. The most useful type of trust for many people is a revocable living trust. This is a trust that is created during a person's lifetime, and it can be changed while the person is still alive.