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...
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...
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...
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...
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...
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...
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...
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...
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...
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...