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April 2018 Archives

Estate planning can help avoid later difficulties

When people in Las Vegas pass away without a will, the consequences for their family members can be painful and even costly. Estate planning can be an emotionally and logistically difficult process because resentments and rivalries can emerge after a death, especially if a substantial estate has been left behind. By developing key estate planning documents, a person can help make sure their family members will be properly cared for and that their assets will be distributed in a way that reflects their wishes. When families have blended marriages and other complex circumstances, estate planning can be particularly necessary.

Issues that can upend estate planning

After a Nevada resident puts together an estate plan, there is a good chance that it won't last forever. This is because there are many different variables that could change, which could render an estate plan meaningless in its current form. For instance, if a person gets divorced, it can have an impact on who receives assets. In some cases, a new spouse could be entitled to a certain percentage of a person's assets regardless of what a will says.

How to create an estate plan for digital assets

Some people in Nevada who are creating an estate plan might primarily think about their assets as things like bank and investment accounts and real estate. They might not consider the large role that digital assets play in their lives. Digital assets may include various accounts as well as information stored on flash drives and mobile devices.

What a personal representative is responsible for

Nevada residents who are named as the personal representative of an estate have an important duty to carry out. Their responsibilities include collecting assets, paying bills and filing income and estate tax returns if necessary. They are also tasked with distributing money or other assets that remain in the estate to beneficiaries. Personal representatives could be liable if reckless or egregious actions are taken.

Understanding the probate process

When people in Nevada plan to create wills, trusts and other key estate documents, they are often most concerned with protecting their assets and ensuring that their family is cared for after their death. While the issue of probate comes up frequently when considering estate planning, many people do not know what exactly happens during the probate process. Understanding probate can help people make decisions about their estates and plan for the future distribution of their assets.

Are probate and estate administration the same?

Many areas of law leave most people confused. After all, legal matters remain so complex that many individuals devote their careers to learning specific areas of law in order to help others when the need arises. Even when individuals think they know a certain amount regarding a legal topic, they may come to discover they did not know as much as they thought.

How to choose people for roles in an estate plan

One important decision that must be made by people in Nevada who are creating an estate plan is whom to choose for various tasks associated with the estate. These people can be family members or close friends, but they should have the necessary aptitude for the jobs.

How to amend a trust

Nevada residents who want to make changes to a trust might wonder whether they should amend it or write an entirely new one. The first step is to make sure that it is possible to amend the trust. Most living trusts can be amended or revoked.