Las Vegas Estate Planning Law Blog

Some people in Nevada who are creating an estate plan might primarily think about their assets as things like bank and investment accounts and real estate. They might not consider the large role that digital assets play in their lives. Digital assets may include various accounts as well as information stored on flash drives and mobile devices.

The first step in organizing digital assets as part of an estate plan is to make a list of all of them. This should include any domains owned, cryptocurrency accounts and external storage devices as well as access information such as passwords, encryption keys and access codes. The person should then list who will have permission to access various accounts and what should be done with them.

When people in Nevada plan to create wills, trusts and other key estate documents, they are often most concerned with protecting their assets and ensuring that their family is cared for after their death. While the issue of probate comes up frequently when considering estate planning, many people do not know what exactly happens during the probate process. Understanding probate can help people make decisions about their estates and plan for the future distribution of their assets.

The probate process is supervised by the court and involves the authentication of a will, the valuation of the assets of the decedents, the payment of necessary taxes and the distribution of the estate as determined by the court. Probate is governed by state law, and each state has regulations to determine what is necessary to go through probate.

One important decision that must be made by people in Nevada who are creating an estate plan is whom to choose for various tasks associated with the estate. These people can be family members or close friends, but they should have the necessary aptitude for the jobs.

For example, the executor, the person who has financial power of attorney and trustees of a trust should all be people who are well-organized and responsible with money. On the other hand, people who have health care power of attorney need empathy. It may help if this person is familiar with the health care system, but it is not necessary. Someone who has already been a caregiver could be a good choice. These types of skills would also be significant in choosing someone as a guardian for minor children.

Nevada residents who were in a marriage or civil partnership with someone who has recently diedare not necessarily liable for their debts. Whether a person is liable for a given debt depends on whether or not his or her name was on the loan. Furthermore, a person may be liable for it if he or she guaranteed repayment in some fashion. Otherwise, outstanding debt balances would be paid from a decedent's estate.

Generally speaking, estate administration costs are paid first followed by funeral costs and the cost of treatment at a hospital. Then, federal income and estate taxes must be accounted for, and taxes could be paid ahead of hospital bills in certain situations. As assets may be used to pay these bills, an individual who was set to receive money or property from a spouse will generally receive whatever is left over after creditor claims.