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 steps to prevent estates from entering probate. The typical costs and delays associated with this form of administration can make estate distribution and inheritance harder for families, and it may even compromise their privacy.
One suggestion that could help estates avoid probate is to set up joint ownership of properties so that they automatically go to whomever survives. Community properties and different forms of tenancy may let people establish shared ownership depending on their marital status, state of residence and other factors. Analysts also say that simply giving property away is a viable method of avoiding estate tax and probate, although these gifts remain governed by limits and gift taxes.
Testators are also advised to rely on state-level laws concerning small estates and fill out forms that direct IRAs and other personal accounts to pay designated beneficiaries upon their owner’s death. Some individuals may work with attorneys to create revocable living trusts that further clarify their distribution intentions.
The length of the estate administration process can be dependant upon numerous factors. Heirs who argue about the validity of wills and other documents may delay probate proceedings, and such arguments can decrease the efficacy of an inheritance. Instead of relying on courts to make sense of what they meant after the fact, people may find it advisable to meet with an attorney in order to learn about schemes that could better provide for their beneficiaries.