Las Vegas Estate Planning Law Blog

Many people in Nevada find that trusts are very helpful to their estate planning process. The additional privacy, flexibility and control provided by these options mean that they can be valuable tools in distributing assets after a person passes away. Still, people who are named as successor trustees in a trust may be unfamiliar about what to do when the trust's creator dies because many people are less familiar with trusts than, for example, the role of the executor of a will. In many cases, people create trusts during their lifetime, during which they retain full control over the property in the trust.

The trust documents will typically name a successor trustee who takes over responsibility for the trust when the creator dies or becomes incapacitated. In most cases, the documents will also state what the named successor trustee needs to do. They may need to provide a death certificate or a doctor letter certifying that the trust creator has been incapacitated. Next, the named successor needs to make some sort of affidavit or certificate affirming their role as successor trustee and committing to carry out their duties under state law and the terms of the trust.

Nevada residents may be interested in using an irrevocable trust as part of their estate plans. An irrevocable trust is one that generally cannot be modified without the consent of all of its beneficiaries. Once an item is transferred to the trust, the trust obtains full ownership of that item. Irrevocable trusts offer a variety of potential benefits such as shielding assets from being seized to satisfy a judgment or as part of a divorce settlement.

Assets inside of an irrevocable trust are typically considered to be held outside of a person's estate. Therefore, putting assets in a trust may help to minimize a potential state or federal estate tax bill. Keeping assets outside of an individual's estate may make it easier to qualify for government benefits such as Medicaid. After the trust is created, it will be overseen by a trustee responsible for making decisions based on its language.

Nevada residents who have had a loved one recently pass away may be interested to know if they were named in the will. A will is a legal document that allows a person to determine what happens to their estate after they pass away. Wills typically name the beneficiaries and the amount of the estate that they'll receive after the testator's death.

In most cases, all of the beneficiaries named in a will are notified by an estate attorney. Though scenes of a will being read aloud to all of the beneficiaries are often depicted in movies and on television, this rarely occurs today. In fact, no states require that a will be read aloud. Most beneficiaries, any listed guardians and the executor will receive a copy of the will. This ensures that everyone listed in the will understands what they will be receiving as their portion of the estate.

As the new year gets underway, you may be thinking of certain matters you need to address to ensure a happy year ahead. You may think of diet changes you want to make, doctor appointments you need to schedule and personal matters you need to update. In particular, you may want to ensure that your estate plan still contains the correct information to reflect your wishes.

By having already created an estate plan, you have set yourself and your family up on a solid path. The information in your plan can help your loved ones navigate tricky affairs in the future, including how to handle your estate after your passing. However, if you do not update the information periodically, it could become useless.