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February 2019 Archives

The multiple benefits of an estate plan

Nevada residents and others who are looking to obtain control over assets or their medical care can benefit from having an estate plan. A living will determines how assets should be used to assist an individual who has been incapacitated. It can also determine how to dispose of assets if an incapacitated individual passes on. Those who wish to provide money or other property to a charity should have an estate plan.

Staying away from drunk drivers

Drunk drivers may cause accidents that result in a person being significantly hurt or killed. Those who are on Nevada roads or others in the country can take steps to protect themselves against those who drive while impaired. There are many signs that a driver is impaired such as not maintaining a lane or making wide turns. Other signs may include close calls with other vehicles or objects on the road.

Estate planning for everyone

Many Nevada residents may mistakenly believe that having an estate plan is only something that is necessary when a person is very wealthy. However, the truth is that anyone who possesses assets should consider completing an estate plan.

Identifying interested parties when a will is contested

The question as to who is an "interested party" to an estate may become important in a Nevada will contest. The person who is contesting the will may not realize how many interested parties there could be since a person does not necessarily have to be listed in the will be to considered one.

Why the childless need estate plans too

An estate plan can be a good thing for any adult living in Nevada. This can be true even for individuals who don't have children. Creating a trust is beneficial for those who want to keep the details of an estate private after they die. It can also be helpful for those who are looking to avoid probate or otherwise looking to protect their assets.

The probate system and distributing an estate

When Nevada residents pass away, their estate will need to be administered in order to gather, organize and pass on the assets that remain. In many cases, people die with an estate plan intact, and the primary objective of the administrator is to honor the distributions specified in it. In other cases, people may pass away without a will, in which case state law and the directions of the probate court will direct the disbursements. However, there are also tasks such as paying off debts and taxes that must be handled before distributions are made.

Do you have the duty of administering a loved one's trust?

Trusts are immensely useful estate planning documents. In many cases, individuals utilize this planning tool in an effort to better protect their assets or to ensure that surviving loved ones will use the assets in a specific way or at a specific age. Though trusts do not use an executor like a will does, someone still has the responsibility of administering the trust properly.

How to account for digital assets in an estate plan

As more assets are being held or stored online, it can create challenges for Nevada residents when it comes to estate planning. For example, an individual must remember to divulge the username and password of any account that is held online. Furthermore, there may be questions over who owns a digital asset and who may access it after a person dies. These are important questions to answer as digital assets may have real value.

Why estate planning is always worthwhile

Creating a will or comprehensive estate plan is not something that adults in Nevada should be apprehensive about. It can act as a form of insurance against an unexpected event such as an illness or a death in the family. Furthermore, estate planning is an effective way for business owners to protect themselves in the event of a divorce.

Dust off your estate plan and give it a once over periodically

If you already have an estate plan, you are well ahead of many people here in Nevada. You got past your discomfort of contemplating your own death and arranged to take care of your family as you do in life. You also took steps to arrange for trusted loved ones to take care of you if there comes a time when you can no longer care for yourself.

How wills factor into an estate plan

Nevada residents may have a will that plays a role in determining where their assets go after they pass. However, a will by itself is not necessarily an estate plan. The estate plan is everything that a person does to manage their assets now and in the future. It can also help ensure that children and grandchildren are taken care of.

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