Like most states, Nevada has a law in place that allows executors to manage digital assets just as they would manage more traditional assets, but people who are creating an estate plan with digital assets still have to make the right legal and technical arrangements.
While timeshares may be attractive to some, future generations may not want to inherit the cost associated with them. However, there are ways that Nevada residents and others can avoid taking them over after a parent or other family member passes on. One option is to create a trust. By putting an asset in a trust, a creditor has limited recourse to go after an individual directly.
Unfortunately, many wills lead to conflicts among heirs. One of the best ways for Nevada estate owners to prevent such issues is to select a reliable executor. The person who is chosen has to be able to bear the responsibility of administering an estate, must be organized and must have ethics.
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.
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.
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.
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.
Every adult needs an estate plan, but for business owners in Nevada, an estate plan is particularly important. A will and other documents can help ensure that an owner's wishes for the business are carried out.
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.
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.