As executor, do you know how to use a letter of testamentary?
If a loved one names you as the executor of his or her estate, you may feel honored. You may understand the trust your family member had in you to appoint you to such an important position. Though you feel ready to take on the obvious responsibilities associated with...
Important issues to address during estate planning
Nevada residents wishing to put their final affairs in order have many legal tools at their disposal to create a comprehensive end-of-life package. Wills or trusts, or a combination, can be used to distribute money, real estate, and other assets. These legal tools...
How to benefit from a life estate
Many Nevada residents take estate planning steps such as making transfer on death or beneficiary designations where applicable. However, this may not be enough to ensure that a person's home is handled according to his or her wishes. Even if it does pass to an adult...
What is a letter of testamentary, and do you need one?
If someone in Nevada designates you as an executor in a will, you incur various obligations and responsibilities to carry out certain duties. For this and other reasons, it's crucial to discuss such matters ahead of time. If you're caught off-guard when informed that...
The uses of a trust in an estate plan
Some Nevada residents might wonder whether they need a trust as part of their estate plan. The most useful type of trust for many people is a revocable living trust. This is a trust that is created during a person's lifetime, and it can be changed while the person is...
Choosing an executor plays significant estate planning role
Your will may act as the staple of your estate plan. This document can provide instruction for various parts of your estate, most commonly the distribution of your assets. However, before your will and estate can go through the probate process, your executor must...
The benefits of estate planning
There are probably many Nevada residents who believe that they do not have to worry about estate planning because they're not concerned about estate taxes. For 2017, the federal estate tax exemption is $5.49 million per person and double that for married couples. In...
Estate planning tips to prevent conflict
An estate planning tool such as a will that does not clearly express the wishes of a decedent can result in confusion and conflict for families and heirs. Nevada residents may benefit from learning tips for how to make sure their estate is distributed according to...
Digital assets and estate planning
Nevada residents who are putting together an estate plan should remember to include digital assets. These may include everything from music to Bitcoins to domain names. While some digital assets are mainly of sentimental value, such as photographs, the average worth...
Considerations when creating an estate plan
Although many people in Nevada would rather avoid thinking about what will happen after their death, it's important for individuals to have a will drawn up. When creating an estate plan, there are several ways to make the process easier and to ensure that a person's...