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Probate and Estate Administration Archives

Tips for choosing the right person as estate executor

One important step for people in Nevada who are creating an estate plan is choosing the right executor. This person will be responsible for locating the will and other important documents, inventorying assets, paying taxes, distributing assets and doing any other tasks required to manage the estate. It is a responsibility that could last for two years or more.

Estate planning the right way

Creating a proper estate plan involves more than consulting with an attorney about various types of trusts, wills and estate planning strategies. Nevada residents who want to make sure that the wealth that they have accumulated is sustained long enough to benefit future generations should employ estate planning methods that go beyond conventional actions.

What a personal representative is responsible for

Nevada residents who are named as the personal representative of an estate have an important duty to carry out. Their responsibilities include collecting assets, paying bills and filing income and estate tax returns if necessary. They are also tasked with distributing money or other assets that remain in the estate to beneficiaries. Personal representatives could be liable if reckless or egregious actions are taken.

Understanding the probate process

When people in Nevada plan to create wills, trusts and other key estate documents, they are often most concerned with protecting their assets and ensuring that their family is cared for after their death. While the issue of probate comes up frequently when considering estate planning, many people do not know what exactly happens during the probate process. Understanding probate can help people make decisions about their estates and plan for the future distribution of their assets.

How an estate pays off its debts

Nevada residents who were in a marriage or civil partnership with someone who has recently diedare not necessarily liable for their debts. Whether a person is liable for a given debt depends on whether or not his or her name was on the loan. Furthermore, a person may be liable for it if he or she guaranteed repayment in some fashion. Otherwise, outstanding debt balances would be paid from a decedent's estate.

Trusts can be a better option for gifts to adult children

When people in Nevada start to think about future planning, estate planning is often part of the equation. When people marry, have children or pass other significant life milestones, these events can draw attention to the importance of dealing with one's assets after death. Estate planning documents like wills and trusts along with insurance policies and other non-probate transfers can help to ensure that one's assets are properly transferred and not wasted on court fees.

Tips for updating an estate plan

The tax law passed by Congress in December might be a good opportunity for Nevada residents to review their estate plans. The increase in the estate tax exemption may affect couples whose estates are worth up to $11.2 million. They might have designed their plan with estate tax in mind, but since the exemption has been raised, some of the measures they took no longer may be necessary.