A Nevada resident with assets may need to appoint someone to oversee their estate plan after they pass. This person is referred to as the executor, and they could have a variety of different responsibilities. For instance, the executor might be required to probate a will, inventory assets or determine how much an asset is worth. An executor could also be required to pay debts, court costs and other expenses.
Some Nevada residents may be asked to serve as the executor of their loved one's estate. While the job may seem to be relatively straightforward, it can be more complicated than it appears to be. An executor has many responsibilities such as collecting assets, filing tax returns and paying any taxes that the decedent owes. An executor will also need to determine if the estate needs to go through probate.
Having a comprehensive estate plan is a critical step for Nevada residents. Estate planning is a vital part of ensuring that a person's assets are allocated appropriately and loved ones are taken care of. However, there are often questions about what kind of estate planning devices to use. The circumstances are essential.
Many people in Nevada may be aware of the Jeffrey Epstein case, in which the wealthy financier committed suicide in a New York jail where he was facing trial on sex trafficking charges. Epstein prepared a will and a trust two days before his August 10 death, but there are a number of questions hanging over his estate. With a value of over $577 million, it is well above the estate and gift tax exemption of $11.4 million.
One function of a will is to appoint someone to be executor of the estate. If a person dies without a will, which is known as dying "intestate," someone still needs to be appointed to administer the estate. While Nevada may have specific laws about classes of people who cannot serve as an executor or administrator, in general, there are several steps a person must go through to assume this position.
When Nevadans lose a loved one, it is difficult in an emotional and personal way. This can be made more complicated if there are disputes among loved ones as to how the assets will be distributed. Even those who have done due diligence with comprehensive estate planning might make mistakes. If the person died intestate or had several documents that could be considered part of an estate plan, it is harder to untangle. For the wealthy and famous, this frequently plays out publicly.
Nevada fans of CNN anchor Anderson Cooper may be interested to learn that he is set to inherit less than $1.5 million following the death of his mother, Gloria Vanderbilt. According to report, it was speculated that Cooper could have received a sizable estate based on online reports that estimated her net worth.
Music fans in Nevada who were saddened when Tom Petty died of a drug overdose in 2017 may be surprised to learn that his widow and two daughters are embroiled in a bitter legal dispute over his estate. Petty's daughters have accused his widow of gross mismanagement over her handling of the Thomas Early Petty Living Trust. His widow has called their behavior erratic and abusive.
Movie buffs in Nevada remember Carrie Fisher from her roles in Star Wars and other memorable movies. According to Fisher's executor, her estate is worth $6.8 million, and he asked that the estate become part of the Carrie Fisher Living Trust. Her executor is the trustee while her daughter is the beneficiary of the trust. The estate had a variety of items, including a car, collectible pieces and publicity rights.
Prince's siblings are in a dispute with the bank handling the late singer's estate and have filed a petition to limit the bank's powers. They say that Comerica Bank & Trust has wasted millions of dollars, and they want more control over how Prince's estate is handled. The two parties have butted heads since 2017 when a court appointed Comerica Bank & Trust to administer the estate.