Nevada residents may believe that they need to avoid probate at all costs. However, this is not necessarily true depending on the size of a person’s estate and their estate planning goals. Those who want to skip probate can do so by naming a beneficiary a joint owner of an asset. This can be done with a bank account and most other assets that a person has.
Another option for avoiding probate is putting assets inside of a trust. The trust is held outside of the estate, and assets are distributed according to its terms with no need to go to court. If a person wants to transfer a home or similar asset, it may be possible to do so with a transfer on death designation. Regardless of how an estate plan is created, individuals should take steps to eliminate potential family feuds.
This is generally true whether an estate goes through probate or not. To avoid family infighting, a person can add an in terrorem clause to a will. It basically says that those who challenge the will are automatically removed from it. A mediation clause should be added as a backup plan in case the no contest clause is stricken by a judge. Ideally, parents will fully explain their plan ahead of time to reduce the chances of conflict erupting.
The estate planning process may allow a person to preserve his or her legacy while keeping peace among surviving family members. Putting clauses in plan documents that prohibit challenging them may be one option to prevent legal wrangling after an individual passes. The creation of trusts or beneficiary designations might also allow for assets to transfer without a challenge. An estate planning attorney may further explain these options and their potential benefits.