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November 2019 Archives

Powers of attorney serve important estate planning functions

The importance of various powers of attorney cannot be overlooked when a Nevada resident undertakes the task of creating an estate plan. Almost everyone is familiar with what a will can accomplish, and many people have a general notion of the benefits of a trust, but powers of attorney are often misunderstood. A comprehensive estate plan is intended to protect the estate of the individual after passing by fulfilling that person's wishes as indicated in the planning documents. Powers of attorney also can serve to protect the person during his or her lifetime as well.

Will you have to handle your loved one's debts during probate?

As the executor of your loved one's estate, you know that you have a lot of work ahead of you. At times, you may feel stressed and overwhelmed, and that is not unusual for individuals in your position. Still, you can help yourself handle probate as best as possible by finding answers to any questions you may have.

Why parents should consider special needs trusts

Parents in Nevada and throughout the country may be tasked with raising children who have a mental or physical disability. These disabilities may make it difficult or impossible for children to provide for themselves when they are older. One way that parents can provide for their special needs children is to create a special needs trust. A primary benefit of a trust is that it protects a child's inheritance against creditor claims.

Complications arising from John Singleton's outdated will

Some Nevada fans of director John Singleton may be aware that after his sudden death in April 2019 from a stroke, his family discovered that his estate plan was out of date. Singleton wrote a will in 1993 when he had one daughter. He never updated it, and he since had four additional children. There are also two more daughters alleged to be his although this has not been proven.

Health care estate planning for young adults

Most college students in Nevada and around the country spend very little time thinking about estate planning, but many of the documents found in a comprehensive estate plan can be of great value even to the young and healthy. After all, college students are adults who are legally responsible for decisions regarding their health. While it's not pleasant to think about, deadly accidents can happen to young people.

Tips for making an estate plan better

Many Nevada residents may have prepared an estate plan at some point in their lives and assumed that is sufficient, but this is not always the case. Estate plans can often be improved or may need changes over time. For example, people may not have life insurance policies. A life insurance policy can have a number of uses. It can provide immediate funds for expenses associated with the estate. It can also help the family financially if they were depending on the income of the decedent. Additionally, life insurance can provide tax-free funding to the next generation.

Are you considering appointing one of your children as executor?

If you had it your way, you would be in charge of any affair you needed handled. You know yourself and your personal matters best, so why would you want anyone else to step in? Of course, a time will come when you are no longer around, and someone will need to settle your final affairs.

E-wills offer convenience but may have risks

Many Nevada residents understand the importance of preparing a will. Thanks to the Uniform Electronic Wills Act, residents of this state can execute a will electronically. Some analysts predict that other states will adopt the same legislation in the future.

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