Nevada executors may have to search for assets
One of the duties of an estate executor is to make a list of the estate's assets. In some cases, this is relatively easy because the estate owner created a list prior to death and left it in a place that was easy to find. However, this is often not the case, and the...
When can the executor use estate funds for expenses?
Closing a Nevada estate is not an easy task. In a best-case scenario, someone with financial and legal knowledge would handle probate proceedings and would gladly accept the role well before the time came to act. Of course, that is not always how the situation works...
Gross estate and taxes
Nevada residents should understand that the decisions they make about their estate plans will affect the taxes that may be owed on the estate. It is particularly important that they learn about the taxation their gross estate.Gross estate refers to all of the assets...
How to create a trust for a beneficiary with an addiction
Some estate owners in Nevada may need to create a trust for a beneficiary who is struggling with an addiction to alcohol or drugs. This trust should have special considerations to serve the heir. In order to set up an effective trust to help a beneficiary with an...
Cryonics and the use of a revival trust
Some people in Nevada have enough faith in the future of science to consider having themselves frozen when they pass away with the hope of someday coming back. For individuals seriously exploring this option, the thought of waking up with no available assets or funds...
How to handle direct inheritances to minors
Not everyone in Nevada takes the proper steps to ensure that an estate plan is correct, if one even exists. In these instances, it is entirely possible that a minor child could end up inheriting property.While there is nothing wrong with a minor receiving an...
Luke Perry had the foresight to create an estate plan
People in Nevada have likely heard of the death of actor Luke Perry. Perry died at age 52 after he suffered a massive stroke. He was placed on life support for one week, and his family made the decision to remove life support after he suffered a second stroke because...
How to create a do-over trust
In the 1980s, it wasn't uncommon for individuals to create irrevocable trusts for their children or grandchildren. While irrevocable essentially means unchangeable, Nevada law makes it possible to decant a trust. This means that assets are poured out of the trust and...
Events that should trigger a review of estate plans
Nevada residents typically feel relief and satisfaction when they complete their estate plans. These important decisions and documentation, however, might not meet their needs forever. Changing circumstances and life events could make portions of an estate plan...
Using revocable trusts
There are multiple legal documents needed to have an efficient estate plan. In addition to having a power of attorney, will and medical directive, Nevada residents should also make sure that they include a trust, such as a revocable trust, in their estate plans.After...