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November 2017 Archives

Living wills make wishes known in case of incapacity

The decision to write a will introduces people in Nevada to a host of other estate planning decisions. A living will and power of attorney represent two of the most important documents that supplement a person's final arrangements. These instructions offer clear answers if a person becomes incapacitated.

Digital accounts and estate planning

While settling an estate has never been easy for executors in Nevada or elsewhere, the items within an estate tended to usually be of the tangible variety. Today, most people live some or all of their life online. This means that there may be digital assets that need to be accounted for in an estate plan. The first step in accounting for digital assets is to identify what they may be.

Is a joint tenancy with an heir a good idea to avoid probate?

In Nevada, some people want to avoid probate when they die so that their heirs do not have to go through a lengthy process in order to receive their assets from their estates. It is possible for people to avoid probate by titling their assets in joint tenancy with their intended heirs, but doing so is not always a good idea.

How long will probate take?

After the death of a loved one, you may feel like matters go very quickly. Before you know it, relatives arrive, you discuss arrangements, and suddenly you are sitting at a funeral service thinking that you were talking with your departed parent or grandparent just days ago. At the end of the day, it may seem like everything is over. However, probate is just beginning.

Using a TOD deed to avoid probate

Nevada residents who intend to have their assets given to their offspring upon death and who have listed them as the beneficiaries on their investments have taken the right steps. They may have also complete a will that leaves all of their assets to their children. However, they may want to consider a transfer on death, or TOD, deed for the home and use a TOD designation on the vehicle's title to avoid the probate process.

The process of trust decanting

One of the estate planning tools that Nevada residents can use to protect certain assets for their heirs is an irrevocable trust. The nature of this particular type of trust prevents its provisions from being modified or cancelled, except in some cases with the expressed agreement of the beneficiaries and after taking expensive legal action. However, with legislation regarding decanting that is being passed in an increasing number of states, altering irrevocable trusts may soon become more common.

Does your trust-based estate plan need a pour-over will?

After looking over the various estate planning options available to you, you may have decided that a trust-based plan would best suit your needs. Many Nevada residents often come to this decision as trusts can offer a variety of protections for your property while also allowing surviving family members to avoid probate, if the proper steps are taken to do so. Plus, this tool could also help you better dictate how your assets should be handled after your death.

Why a married person may need powers of attorney

A power of attorney makes it possible for a person to have his or her wishes met while incapacitated. Nevada residents who create a power of attorney will draft such documents while they are still of sound mind. If a person is married, a spouse generally has the ability to make medical decisions for that individual. However, there may be situations in which the spouse is not able to do so.

Estate planning and divorce

When couples in Nevada decide to divorce, they are often concerned with immediate issues such as child custody, support payments and the division of assets. One area that may be overlooked is that of estate planning. It is essential that couples review their estate plans as part of the divorce process.

Why wills are important for everyone

Nevada residents of all levels of income may benefit from estate planning. While some people may think that they do not have enough assets or money to justify creating a will, they are mistaken. The courts will divide the assets of people who die without wills according to the state's laws about succession regardless of the wishes of the deceased.

Allocating personal property

Nevada residents can use a variety of estate planning tools to dictate how specified assets should be handled in the event of their death. However, they should be aware that written provisions should be made for their other personal property as well.