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June 2019 Archives

What does Nevada law say about wills?

What do you know about wills? Like most other people, you may know that this document distributes your assets to those you choose after your death. Many people often refer to it as the "cornerstone" of an estate plan.

Using a durable financial power of attorney in estate planning

A financial durable power of attorney could be an important part of an estate plan for some people in Nevada. This allows someone to manage a person's finances if that person becomes incapacitated. Unlike a regular financial power of attorney, it will not become invalid when a person becomes incapacitated.

Mistakes with estate planning

Estate plans can be used to help surviving loved ones manage a deceased individual's estate. In fact, wills and trusts could help eliminate stress and make the grieving process a little easier. However, Nevada estate owners should take care to avoid making certain mistakes.

Digital assets and estate planning

Nevada residents should consider an estate plan as an essential component of a well-rounded financial strategy. The use of an estate plan can also give them a measure of relief and reassurance in knowing that they have done what is necessary to protect assets for their heirs.

A few reasons to have a trust in Nevada

More and more people recognize the advantages of estate and wealth planning that utilize Nevada law. According to a client advisor and vice president of a trust company, Nevada is among the friendliest states when it comes to the treatment of trusts. Establishing a trust in the state can act to increase family wealth, make estate planning more flexible and protect assets from creditors.

Start estate planning by inventorying your assets

If you have recently decided to get started on your estate plan, congratulations. Making this decision can certainly seem intimidating, and far too many Nevada residents put it off until it is too late. Of course, you may still have some hesitations about moving forward with planning. In fact, you may not know where to start.

The benefits of a spendthrift trust

Parents in Nevada and throughout the country may have the intention of leaving money or other assets to their children. However, it doesn't necessarily mean that those children can manage an inheritance effectively. This could stem from a lack of maturity, a substance abuse problem or a number of other scenarios that may be beyond a parent or child's control. To protect a child from spending an inheritance in a short period of time, it may be worthwhile to create a spendthrift trust.

Including digital assets in an estate plan

People in Nevada spend more time online than ever before, and an increasing portion of their financial lives are also conducted over the internet. However, many individuals do not think about digital assets when they begin to consider planning for the future. When people make a will, they think about their real estate, jewelry, bank accounts or investment funds, but they may not consider the digital elements of their assets. However, this is an increasingly important part of a modern estate plan that can affect how effectively assets transfer to beneficiaries after death.

Tom Petty's widow and daughters battle over his estate

Music fans in Nevada who were saddened when Tom Petty died of a drug overdose in 2017 may be surprised to learn that his widow and two daughters are embroiled in a bitter legal dispute over his estate. Petty's daughters have accused his widow of gross mismanagement over her handling of the Thomas Early Petty Living Trust. His widow has called their behavior erratic and abusive.

Aretha Franklin's handwritten wills submitted to court

People in Nevada could learn from the estate planning woes currently being experienced by the family of the late Aretha Franklin. Initially, reports were that the singer, who died in 2018, did not have a will. Since then, three different wills have been found. All three wills were handwritten, and all have been submitted to the court. It is unclear whether the court will consider any of them valid.

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