Nevada residents who are estate planning may wonder whether a will is the best choice. They might have heard that probate can be expensive and time-consuming. The probate process refers to the legal recognition of the will and the appointment of an administrator for the estate. This person’s job is to inventory and distribute assets. Usually, the process is not lengthy or costly.
Some other points to keep in mind for individuals weighing a will against a living trust are that many assets such as jointly held accounts and real estate as well as life insurance policies do not pass through probate at all. Furthermore, even if an individual has a living trust, they may still need to create a simple pour-over will to cover assets that are not transferred into the living trust. Also, both wills and trusts may have tax filing requirements that create delays of roughly the same length.
Some experts say that individuals should focus more on estate plans that are unlikely to be challenged than worrying too much about the probate process. However, a living trust does have advantages, and one of the chief ones is that it can be used to manage an individual’s estate if that individual is alive but incapacitated. Some people may find that having both a will and trusts is the best solution.
The estate planning process may have a number of complex aspects to it in addition to deciding whether or not a trust is useful, and individuals may want to contact an attorney for assistance. Some experts recommend discussing the estate planning process with loved ones. While it is a difficult conversation to have, doing so may increase the likelihood that an individual’s wishes are fully understood and carried out.