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February 2017 Archives

The responsibilities of estate administration

People in Nevada who have been designated as executors of their loved ones' estates might be wondering about the responsibilities it will entail. The first thing an executor should do is order at least 10 death certificates from the funeral director because this document will be essential when administering the estate or trust. A will may need to go through probate, and if there is a trust and the executor hadn't been established as a trustee, he or she will have to sign a Consent to Act and Certificate of Trust.

Estate planning when there's no children

While many Nevada residents may think that they are too young to need an estate plan, the reality is that it can be advisable at every stage of life. Even if there aren't any children in the picture, estate planning can be an invaluable tool for the protection and preservation of assets.

What happens when a person dies with debt

Not all Nevada residents leave extra money behind when they die. Many people have outstanding debts, and settling them could deplete a decedent's entire estate. After a person dies, the executor or court-appointed administrator will be responsible for verifying all of the decedent's debts and paying the debts off with money in the estate.

Rights to willed assets

Estate planning tools can be used by Nevada residents to specify exactly what should happen with their assets after they die. However, there can be a question about what an individual should do regarding assets that he or she was bequeathed in a will but that were legally given away before the testator died.

How can a trust protect my family?

Estate planning is a useful tool for every individual who wishes to retain control over what happens to his or her estate in the future. While you may not be wealthy or own significantly valuable assets, what you have is worth protecting. Taking a few simple steps can ensure that your beneficiaries get what they need after you are gone.

Most Americans have avoided estate planning

Nevada residents may find it discomforting to plan for what happens after they die. According to a survey done by Caring.com, only 46 percent of American adults have some sort of estate plan in place, and only 36 percent of American adults with children under the age of 18 having some sort of end-of-life plan. However, having such a plan can prevent both financial and emotional stress for children or other survivors.

Bobby Vee's family in estate dispute

Las Vegas residents who enjoyed Bobby Vee's music may be interested to learn that two of Vee's children alleged that their siblings mishandled estate funds. Vee, whose birth name was Robert Velline, died on Oct. 24, 2016, after suffering from Alzheimer's disease.

The uses of a revocable trust

Some people in Nevada who are creating an estate plan might want to use a revocable trust. Passing assets to beneficiaries using a revocable trust may be more private, less expensive and easier than using a will because a trust does not have to go through the public process of probate.

Gifting mistakes to avoid

Many Nevadans want to make gifts to their children during their lifetimes. Some want to help their children out while others want to help to avoid the possibility of estate taxes. It is important for people to understand some potential problems that can be caused if they do not handle the manner correctly.