As you consider moving forward with estate planning, you may find yourself in need of various information. You may have questions regarding certain types of planning tools, what information you can include in your plan and how the details of your estate could impact the planning process. Your assets in particular could play an important role in determining how you could create the best plan for your circumstances.
One important area to gain more knowledge on relates to the probate process. Many Nevada residents may not know whether their estates could need to go through this legal proceeding after their deaths. In order to determine whether it may prove necessary, you may find it helpful to understand whether you have probate assets.
Items outside a trust
A trust is an estate planning tool that could help your estate avoid the probate process. Assets that you place into the trust before your death are removed from the estate, and distribution of those items adhere to the terms you set for the trust account. However, if you fail to place items into the trust or simply do not feel they need including, those assets will likely need to go through probate proceedings. Even with a pour-over will, probate would still need to take place.
Solely-owned personal property
Other assets that will likely need probating include individually owned property. These items can range from small pieces to immensely valuable items. Some personal property that often goes through probate include bank account funds, vehicles, real estate, collectables and household items. However, if the bank accounts or other assets allow for pay-on-death designations or direct beneficiary designations, they may skip probate.
Direct designation exceptions
Though assets that have direct beneficiary designations may avoid probate, there are exceptions to this possibility. For instance, if you do not name a person as a beneficiary or do not make an account payable on death, those assets will likely need to go through probate in order to determine who should receive the property. Some accounts that often allow for beneficiary designations include life insurance policies, retirement accounts and savings accounts.
Creating a plan
If you believe that learning more about probate assets could help you during your estate planning endeavors, you may wish to seek reliable information on this topic. Additionally, if you hope to help your family avoid probate or want to plan around the possibility of needing probate, you may want to explore the planning tools that may prove most useful to you. Utilizing local legal resources may benefit you during the planning process.