The benefits of using a trust for children
Nevada residents may have negative connotations associated with "trust fund children," but the trust is a useful tool that many might want to consider during the estate planning process. The amount of wealth and assets one has is part of why a trust may be merited....
Speculation on writer Harper Lee’s estate plan
Nevada fans of author Harper Lee may wonder who might inherit her estate following her recent death. It is not known what the estate is worth, but in 2009, according to paperwork from one of those lawsuits, in a six-month period, she made $1.7 million. Her second book...
Dealing with a poor estate executor
There are a number of ways that the executor under a Nevada testator's will might misuse or abuse that position. In some cases, it may simply be due to a failure to act promptly. An executor who procrastinates on actions such as paying taxes, selling a house or...
Things to think about when handling estate planning
Many Nevada residents put off preparing their estate plans because they do not want to think about their death. Some may also assume that based on their age or their current level of assets, they do not need to create a will. However, even younger individuals,...
Nevada residents may be able to forego probate
Nevada residents who are in the process of creating their estate plans may be able to improve their chances that the administration of their estates will proceed in a timely manner and in accordance with their wishes after they die. The secret lies in taking...
When a person should create or update a will
Having a will is important because it not only determines how someone's assets will be distributed upon their death, but it can also be used to name a person to take care of an individual's children. A Nevada resident who dies without a will is considered to be...
Executors must avoid these errors
Nevada residents who have been named as an executor under a person's will may wonder what kind of responsibilities and pitfalls may arise. One common mistake is failing to approach paying the estate's debts in an organized manner. An executor might begin paying debts...
The importance of updating beneficiary designations
Family changes can happen unexpectedly, and Nevada residents who fail to update beneficiary designations after such occurrences could create unfortunate results for their heirs. It is not enough to simply update a will or other parts of an estate plan without also...
Handling an inheritance amid resentful family members
As Nevada residents may know, conflict often arises among siblings when a parent dies and leaves all his or her assets to only one child. This is especially true when the estate consists of a large sum of money, valuable property or costly personal possessions. As a...