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November 2018 Archives

What estate executors should expect

A Nevada resident who takes on the role of estate executor could have many different responsibilities. For instance, they must determine how much the estate is worth, arrange to pay taxes and distribute assets to beneficiaries. It may also be necessary to sell assets to pay outstanding debts that the estate may have. Executors must balance the wishes of the deceased person with the legal rights that creditors and beneficiaries may have.

Is your estate plan complete?

If one of your goals for the end of the year is to complete your estate planning, you may be like many who believe you can accomplish this simply by drafting a will. However, there are situations in which a will is inadequate. If you have complex assets or complicated heirs, you may find that your estate plan requires other documents besides a will.

How living wills benefit all adults

Nevada residents and those living throughout the country can benefit from having a living will. This is true regardless of how old a person in. Younger adults could suffer mental or physical injuries in an accident, and having a proxy could make it easier to get the level of care that they want. Those who are diagnosed with a serious illness may want to create or adjust their living wills.

Are you dealing with an insolvent estate?

Growing up, you may have had a loved one that was always buying new items. You did not think too much about his or her financial situation as it was well known that your family member was wealthy. This person may have even been a parent of yours, and you may have reaped the benefits of that wealth.

How to avoid common estate plan issues

Nevada residents who are fans of Stan Lee may still be mourning his death. However, there are estate planning lessons that can be learned from his passing. The first lesson is that an estate plan needs to be reviewed as a person ages. Another lesson is that it is important to choose the right people to carry out various roles, such as power of attorney.

How beneficiaries can effectively work with trustees

A trust beneficiary is allowed to receive a copy of the trust document that he or she is named in. This is true in Nevada and most other states. At a minimum, the beneficiary is entitled to receive information pertaining to his or her inheritance contained within that document. The first step in resolving a trust dispute is for the beneficiary to contact the trustee about the problem.

The benefits of a silent trust

Some people in Nevada who are creating an estate plan might be interested in creating what is known as a silent trust. This differs from most other types of trusts because in a silent trust, a trustee does not have the same obligations to keep beneficiaries informed.

About irrevocable trusts

Nevada residents who want to develop a successful estate plan should make sure that the plan efficiently transfers their wealth to their heirs while reducing any taxes that may be assessed. One particular legal device that can help accomplish this is an irrevocable trust.

Everyone needs a will

Perhaps it is the acknowledgment of mortality that prevents many people in Nevada from taking the time to create an estate plan or simply procrastination. Whatever the reason, having a plan in place provides security and protection for one's family and provides peace of mind for the individual. There are a number of different and distinct documents that should be in most everyone's estate plan, and a will is a basic one and a good starting point for the neophyte.

Creating a trust for educational purposes

Parents in Nevada and throughout the country may want to leave money to their children for educational purposes. Generally speaking, this is best done by creating a trust. Individuals can choose between a pot trust or creating a separate document for each child. With a pot trust, all the beneficiaries will request money from one lump sum until there is no more money left. However, this could mean that one child gets more than his or her siblings.

Should you include a no contest clause in your will?

You may have watched your family squabble over various topics for years. Now that you have started considering your estate plans, you may only think of ways that your family will nitpick your choices and potentially cause serious legal fights over your estate. Understandably, you feel stressed that your instructions will only lead to more disputes.

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