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September 2015 Archives

Lessons learned from celebrity estate plans

Many Nevada residents might think that estate planning is meant more for wealthy people, but it is an essential part of nearly every financial plan. It is a mistake, according to financial planning experts, to ignore the possibility of death at any age. One way to learn about what to do when making a will is taking a look at the estate plans of the rich and famous.

Items that can be inadvertently missed in a will

Nevada residents may believe that their affairs are in order when their wills are completed, but it is possible to miss important issues that could complicate matters after a testator's death. Unfortunately, a final will and testament can't be corrected after one's death, making it especially important to ensure that unexpected situations are considered and addressed as a will is created.

Choosing a trust over a will

Many Nevada residents prefer using a trust instead of a will as their primary estate planning document. There are several reasons why people use a revocable trust when planning on how to dispose the assets of their estate after they die. However, it's important for people to remember that, if a revocable trust is used, property transferred into it will have to be retitled into the name of the trust.

Insufficient estate planning can cause family drama

When parents die without a will in Nevada, there can be a lot of confusion about who should inherit their assets. If there is a large estate, the questions over where the money should go can cause rivalries to develop between siblings. Although some parents think that talking about their last wishes with their children is sufficient, verbal communication does not take the place of an actual will.

The role of a will in Nevada

Although a will may be an efficient way to transfer assets upon an individual's death, there may be more options for him or her to consider. For instance, some assets are transferable upon death, which means the named beneficiary will merely need to show identification and the death certificate to claim the asset. It may also be possible to have another person listed as a joint tenant on a home or grant another person survivorship rights.

Three common applications for trusts in estate planning

Trusts enable people in Nevada to control or protect assets during their lives and after their deaths, often for the benefit of heirs. These legal tools have been developed to support many financial situations. Three common forms of trusts are revocable, irrevocable and special needs.

Having a will makes arrangements for the future

As Nevada residents know, structuring a will to protect assets and provide for loved ones after death is an important act for anyone. In addition, creating a will lets an individual direct the manner in which things are handled in the future. An important consideration in a will is who an individual names as the executor. An executor has to be an honest individual who is capable of notifying banking institutions, cancelling credit cards and paying creditors. The executor is in charge of settling one's estate, and choosing a trustworthy individual is paramount.

Choosing an executor under a will

When Nevada residents are creating their will, one of the most important decisions that they will have to make is who to name as the executor. The executor is the person or entity that is responsible for gathering all of the assets and distributing them to the beneficiaries correctly. Executors are also responsible for paying any debts that the decedent's estate has acquired, handling tax matters and appraising the value of estate assets when necessary.