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December 2018 Archives

Changes an estate plan may need after divorce

Major life events should trigger a review of the estate plan for people in Nevada, and divorce is one of those events. The first step is to review the will. The executor, which is often the spouse, may need to be changed along with other elements of the will that include the ex-spouse's family.

The link between the National Firearms Act and estate planning

Are you one of the many Las Vegas residents who own firearms? If so, then you may already be aware of the National Firearms Act. You can pass on your weapons collection to loved ones after your death through proper estate planning. The prevailing advice is to create a gun trust in order to protect your rights and the rights of your heirs and beneficiaries in relation to your weapons.

When a will is not enough

Nevada residents who are wondering if a will is enough for an estate plan should consider several points. If someone simply wishes to transfer his or her assets to loved ones and does not care about efficiency, then a will may be all that is needed. However, when an estate owner wants to get their assets to their beneficiaries as efficiently as possible, or if they want to add in details that are unrelated to testamentary intent, they likely need to go beyond a will.

Protecting an estate plan from legal challenges

There may be times in which a Nevada estate owner wants to disinherit a family member. While disinheriting is possible, the process should be done with the assistance of a professional. Otherwise, the disinherited person may be able to challenge the move and have it overturned. Generally speaking, it is easier to disinherit someone using a trust instead of a will. This is partially because the trust is a private document whereas a will is made public.

Revoking powers of attorney in Nevada

A power of attorney is the ability act on another's behalf in certain legal situations. In certain situations, the grantor may want to revoke these powers from an individual. If the POA has a specific termination date, it will cease to be effective as of that date. However, most powers of attorney are durable, which means they're intended to be effective for an indefinite period of time.

Estate planning for deaths in quick succession

Some Nevada residents may be familiar with couples who were married for a long time and then died within a few weeks or months of one another. This is sometimes known as "broken-heart syndrome," and it may have played a part in George H.W. Bush passing away just over seven months after his wife Barbara Bush died. In addition to the emotional toll, these deaths in rapid succession can cause problems with estate plans.

How to give the gift of estate planning

Nevadans who are 50 and older may be looking to find ways to secure their legacies both now and well into the future. This is according to the 2018 U.S. Trust Insights on Wealth and Worth study. It found that 67 percent of respondents in that age range want to invest in future generations. In some cases, this could mean paying for estate planning services or other needs that younger folks may have.

4 ways to prevent power of attorney abuse

Your power of attorney designation is arguably the most important document in your estate plan. While your will and trusts manage your belongings after you die, your POA may very well determine the quality of life you have in your final years. Choosing the wrong person as the agent of your power of attorney could very well mean losing many of those assets anyway.

Reasons an estate plan may need updating

Estate owners who have moved to Nevada from another state should consider updated their estate plans. State laws vary, and it might also be necessary to show proof of a change in residence. Moving to a different state is one of a number of reasons why an estate plan may need to be reviewed and updated. A change in tax law is another reason.

Common and avoidable estate planning issues

When it comes to making an estate plan in Nevada, the primary concern of most people is making things as stress-free as possible for their heirs. Among the problems that commonly arise in the administration of an estate plan are errors in beneficiary designations, outdated plans and lack of information.

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