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Wills Archives

Estate planning beyond the will

Nevada residents who are creating an estate plan may think that they only need to create a will. However, addressing other details may help reduce family conflict and can help ensure that other important elements are not forgotten.

How to manage estate plans in a blended family

Parents in Nevada who are about to get married again may have a challenging estate planning dilemma to solve. If an estate plan is not created properly, the children from the previous marriage could get nothing. Meanwhile, the new spouse could receive all of an individual's property when he or she passes. While assets could be transferred from the surviving spouse to the children, there is no guarantee that this would happen.

Millennials largely don't have wills yet

A recent survey published by Caring.com says 78 percent of Millennials don't have wills. Talking about death can make people uncomfortable, but people in Nevada who die without a will can cause problems for their loved ones. A simple will sets forth how a person, called the testator, wants his or her assets distributed after death. It names an executor to oversee the process and make sure the transfers are done. Having a will can simplify the process even for people who would leave everything to their parents at this point.

Clergy procrastinates estate planning decisions

Most residents of Nevada understand that estate planning is key to providing loved ones the easiest possible path to navigating the death of a family member. One might assume that those in professions regularly dealing with death and the sometimes messy aftermath would be especially conscientious with regard to making sure their end of life affairs are in order, but that is not necessarily true.

Famed singer Aretha Franklin dies without a will

Iconic singer Aretha Franklin was beloved by audiences in Las Vegas and around the world for her powerful voice and songs. However, when she passed away in August of advanced pancreatic cancer at the age of 76, she reportedly did not have a will or trust in place. As a result, her four sons have filed a document with the probate court, listing themselves as interested parties in the distribution of the estate. In addition, the singer's niece also requested that the court appoint her to serve as the estate's personal representative.

About micro estate planning

Nevada residents may already be familiar with the various benefits that long-term estate planning can provide, such as the elimination of probate fees and a reduction in taxes. However, micro estate planning is a type of planning that many people should consider using as well.

The benefits of a micro estate plan

Nevada residents are likely familiar with the basic benefits of an estate plan. Generally speaking, estate plans can help keep estate taxes to a minimum or transfer assets without the need to go through probate. It may also be possible to designate a guardian for a minor child. However, there may be a process needed to establish guardianship even if instructions are left in a will.

Choosing who will manage estate affairs

Nevada residents who are concerned about how their interests and assets will be handled if they become incapacitated or die should make sure that they choose wisely when designating legal authority to the individuals who will be making the decisions. The actions of the people who will act in their stead will impact the relationships between family members and the financial security of the heirs.