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December 2019 Archives

Tips to help Nevada residents with estate planning

Typically, when a person dies, a portion of that individual's estate goes to a spouse or child. However, not everyone wants to leave assets to their family members when they pass on. If a person specifically disinherits a child in a will, that son or daughter is entitled to nothing. If a child is to be disinherited, it is important that a child be specifically written out of the will regardless of the quality of the relationship between the potential beneficiary and the deceased parent.

How family dynamics can complicate estate planning

Many families have dysfunctional dynamics that can make estate planning difficult, and in families with high net worth, the stakes can be particularly high. However, the basic advice that experts give for high net worth families can apply to most other situations involving estate planning well. The best way to get the outcome a person wants is with a combination of careful planning and communication.

Retirement accounts never go through probate. Right? Wrong

When you either started a Roth IRA or began participating in your employment retirement plan, you should have filled out a beneficiary designation form. You believed that filling that out would guarantee that the person or people you designated will receive the funds in your account upon your death.

Trusts should be revoked by their own terms

Trusts can be an important and useful part of a Nevada estate plan, but there are some circumstances under which a person may want to revoke a trust. If the trust is irrevocable, that can be a complicated process. To revoke a revocable trust, though, the person should follow a few steps. It may be advisable for a person to consult an attorney before taking any action that will impact his or her estate plan.

What people should know about family members contesting a will

Nevada residents who have been left out of a family member's will and those making their will may be interested to learn whether a family member can contest a will if they are not included in it. The basic answer is yes. It is possible for a family member to contest the validity of a will.

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