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August 2014 Archives

Discussing inheritances could prevent future problems

As uncomfortable as it may seem for family members to discuss inheritance matters with their intended beneficiaries, not talking about it could lead to serious problems down the line. Parents in Nevada might have good reasons besides emotional concerns for not having the talk, such as a fear that their children will count on their inheritance too much. But having loved ones to hear about the wishes of the decedent for the first time during probate could make an already difficult time more challenging.

Tips for leaving a legacy

A carefully crafted estate plan can help Nevada residents make sure that they leave a positive legacy when they die. By acknowledging the need for an estate plan and communicating that plan to others, it makes it easier for heirs to anticipate what they are receiving. Good communication now may enable those heirs to better plan how they will use their inheritance to the best of their ability.

Communication can help avoid common estate planning issues

Nevada residents who are looking into estate planning may wish to know some of the common issues that come from not discussing it with those who will inherit. Being open about the details of the plan can avoid many issues down the road.

Robin Williams' 3 children to inherit actor's estate

Nevada fans of Robin Williams may be interested in how the actor set out plans for the distribution of his estate. Williams died of an apparent suicide August 11, according to police. The 63-year-old Oscar-winning actor had battled substance abuse problems and depression for quite some time.

What is the purpose of a trust?

Nevada residents who have not developed estate plans may not realize that a sudden death could result in legal proceedings for survivors who must deal with assets and the probate process. A trust is a planning tool, helpful as a supplement or replacement for a will. While it serves a similar purpose to a will, it might allow the estate to avoid probate. A trust involves the transfer of legal ownership from a property owner, also known as the trustor or grantor, to a manager, also known as a trustee. The property is managed on behalf of the beneficiary, an individual who will eventually receive that property.

Inheritance protection v. legal venues

Asset protection can be achieved for Nevada residents when planning ahead. This statement is especially true for individuals with large estates and significant amount of wealth accumulated throughout their lives. Proper steps have to be taken to distribute the assets among the family members, friends, charities or business partners.

How Nevada residents can protect digital content after death

What happens to a person's digital assets after he or she dies? One family had to fight Yahoo for the right to access their deceased son's emails that he wrote while in the military. The case took a year to resolve although the family ultimately won the right to access those messages. Fortunately, a new piece of legislation called the Uniform Fiduciary Access to Digital Assets Act may codify who has access to an individual's digital content after he or she passes.

Getting personal affairs in order in Nevada

One of the easiest ways to ensure that an estate can quickly pay outstanding debts and transfer assets to heirs and beneficiaries is to keep documents organized and easy to access. A good idea may be to keep digital copies of these documents on a computer file. It is also important that one person or a few trusted friends or family members know where these documents are kept and how to access them.