Common mistakes executors of wills should avoid
When a Nevada resident is appointed an executor of a family member's will, it may seem like the to-do list is endless. Most of the time attorneys and a team of advisors, including insurance experts and accountants, are involved. They are helpful in prioritizing tasks...
Tom Petty’s widow in probate battle with his daughter
Nevada fans of late singer Tom Petty may be surprised to learn about news of ongoing family drama concerning his estate. Petty's widow is in a probate battle with the singer's daughter. It's a fight that could also affect the release of future albums from the "I Won't...
Nevada executors may have to search for assets
One of the duties of an estate executor is to make a list of the estate's assets. In some cases, this is relatively easy because the estate owner created a list prior to death and left it in a place that was easy to find. However, this is often not the case, and the...
Gross estate and taxes
Nevada residents should understand that the decisions they make about their estate plans will affect the taxes that may be owed on the estate. It is particularly important that they learn about the taxation their gross estate.Gross estate refers to all of the assets...
Luke Perry had the foresight to create an estate plan
People in Nevada have likely heard of the death of actor Luke Perry. Perry died at age 52 after he suffered a massive stroke. He was placed on life support for one week, and his family made the decision to remove life support after he suffered a second stroke because...
The probate system and distributing an estate
When Nevada residents pass away, their estate will need to be administered in order to gather, organize and pass on the assets that remain. In many cases, people die with an estate plan intact, and the primary objective of the administrator is to honor the...
Going to probate isn’t necessarily a bad thing
Nevada residents may believe that they need to avoid probate at all costs. However, this is not necessarily true depending on the size of a person's estate and their estate planning goals. Those who want to skip probate can do so by naming a beneficiary a joint owner...
What happens in the probate process
Some people might wonder what is involved in the probate process. A person must file a petition for probate. If there is a will, a Nevada court will decide whether it is valid. In some cases, family members might challenge the will. The court would then hear evidence...
What estate executors should expect
A Nevada resident who takes on the role of estate executor could have many different responsibilities. For instance, they must determine how much the estate is worth, arrange to pay taxes and distribute assets to beneficiaries. It may also be necessary to sell assets...
Law places restrictions on use of estate funds by executor
Although people assigned as executors of estates in Nevada may use estate funds in a number of circumstances, the law prohibits executors from pursuing their own interests at the expense of the estate. Primarily, executors must not apply estate funds for the purpose...