What are the disadvantages of probate?
After you pass away, a court-controlled process begins where the court checks the validity of your will and the assets that you control go through probate. Debts get paid, assets get distributed and property changes hands. But there are also ways to avoid probate. For...
Who pays outstanding bills from an estate?
In many cases, a person still has outstanding bills when they pass away. These could be very complex, such as business loans that someone took out before an unexpected heart attack. But they could also be very minor bills, such as the utility costs for an elderly...
Should you include a Power of Attorney in your estate plan?
It is important to be proactive in life. This is especially true when setting up a will that ensures that your wishes will be respected and implemented when you are no longer around to make critical decisions. Designating someone to make financial and healthcare...
Will your Nevada estate planning documents expire?
The estate planning documents that you draft will theoretically determine what happens to you if you have medical emergencies as you age and to your property when you die. Estate plans protect vulnerable family members from abandonment and your assets from creditor...
Should you “disclaim” an inheritance you don’t want?
Every year, people inherit things from well-meaning family members they have no use for. Most of these things can be easily sold, given to charity or stored away. That’s fine for sets of China, a collection of pocket watches or a hideous sculpture. However, what if...
Choosing a guardian for your young children
Estate planning is often associated with distributing wealth after a person’s death. While this is a key part of the process, there are numerous other aspects. One thing that you can do as a parent is to nominate a guardian for your young children. This is an...
How to avoid probate court in Nevada
Probate court is often necessary when someone dies with substantial personal property or many debts in their name. The states worth thousands of dollars or containing real estate typically require oversight by the probate courts. The threshold for probate requirements...
Why should you consider a living trust?
A living trust is a legal document that allows you to transfer your property and assets to another person while you are still alive. This can be helpful if you want your loved ones to avoid probate court after you die. Having a living trust has pros and cons, and it...
Be careful when choosing the executor of your will
An executor plays a crucial part in the probate process. They are responsible for managing the estate before distribution to the beneficiaries. Some of their duties include consolidating assets, paying debts and taking care of the estate at large. Therefore, the...
Should I involve my family in estate planning?
You’re getting older, and one of the things you want to do is make sure you have a good estate plan in place. You want to be sure that the people you assign as your powers of attorney or executor are able to take on the roles and carry them out successfully. You also...