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October 2014 Archives

Nevada power of attorney basics

Nevada law allows for one person to name another to act on his or her behalf by means of a power of attorney. The reasons behind making a power of attorney are as diverse as the people who make them. They can be tailored for a limited purpose, like selling a particular asset, or they may address a broad area, like making health care decisions.

Filing your living will with Nevada's Lockbox

Nevada allows individuals to file their living will, health care powers of attorney, and do-not-resuscitate orders with the Nevada Secretary of State through a program called Lockbox. Because people may not always be in a position to provide their doctors with these documents, Lockbox helps ensure medical providers are able to access these important documents in the event of illness or emergency.

Estate planning considerations in Nevada

While it is true that creating a will is a basic part of estate planning, it is important to note that a will is not all there is to the process. A will determines who will get what property after the owner passes on as well as determining who will be in charge of distributing the decedent's belongings. However, people should also consider using trusts because they offer more flexibility and protections than a will alone can provide.

Contesting wills in Nevada

When a person passes away and they have a will that outlines the execution of their estate, that document must pass through probate. However, in Nevada, the will may be contested prior to probate by any person, and the process of contesting and defending the document is outlined in Chapter 137 of the state statutes.

Establishing trusts for special needs individuals

Nevada parents with special needs children may be interested in a type of trust that enables them to save for the child's future without interfering with the governmental benefits the child may receive. This peace of mind extends to other family members so they can contribute to the trust fund whenever they are able to do so.

Does an electronic will count as a valid will?

With technology influencing more areas of life, Nevada residents may wonder about its effect on estate planning. In the case of a will created, signed and stored on a computer, validity may be a concern due to the potential negative impact on the handling of one's wishes if such a document is later deemed invalid. The Nevada Revised Statutes define an electronic will as a will that is created and stored as an electronic record. It must contain the date of creation, and it must be electronically signed by the testator. This electronic signature must be confirmed by one or more authentication characteristics.

Value of estate determines form of probate

Under Nevada law, if a person dies with a will and assets, including real property or having a value of more than $20,000, his or her estate must be submitted to probate. Probate is the court-supervised process whereby a person's will is validated or challenged and the assets of his or her estate are distributed to beneficiaries. If the person dies intestate, without a will, then the estate will generally be settled by a similar process called administration.