Many people in Nevada find that trusts are very helpful to their estate planning process. The additional privacy, flexibility and control provided by these options mean that they can be valuable tools in distributing assets after a person passes away. Still, people who are named as successor trustees in a trust may be unfamiliar about what to do when the trust's creator dies because many people are less familiar with trusts than, for example, the role of the executor of a will. In many cases, people create trusts during their lifetime, during which they retain full control over the property in the trust.
If an individual who owns property in Nevada passes away, his or her estate may need to go through probate. This may be true whether or not that individual had a will. Certain assets such as a life insurance policy or a home that was owned jointly with another person may be able to bypass this process. The point of the probate process is to verify that a will is valid and enter it into the public record.
When a loved one passes away in Nevada, family members, beneficiaries and the executor of the estate may be concerned about how they can find all of the property that belonged to the deceased person's estate. In some cases, assets are found years after a person's estate has gone through probate. Some people do not leave behind comprehensive lists of their property, organized documentation or guides to their assets, passwords and other information. The executor may not be intimately aware of the person's financial details, so there may be some additional work needed to uncover hidden property.
Some Nevada fans of director John Singleton may be aware that after his sudden death in April 2019 from a stroke, his family discovered that his estate plan was out of date. Singleton wrote a will in 1993 when he had one daughter. He never updated it, and he since had four additional children. There are also two more daughters alleged to be his although this has not been proven.
Many Nevada residents understand the importance of preparing a will. Thanks to the Uniform Electronic Wills Act, residents of this state can execute a will electronically. Some analysts predict that other states will adopt the same legislation in the future.
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.