Nevada residents with an interest in the estate planning process may wish to know more information about what happens to a person's debts when they pass away. Depending on the type of debt and who is involved, the answer may be complicated.
Digital assets are one of the most overlooked when Nevada residents think about estate planning. Many people may not realize how much money they actually have invested in their iTunes, Amazon or other online accounts. Without proper planning, these assets can be lost upon the account owner's death.
Nevada contains specific provisions in its probate code regarding the sale of assets from a decedent's estate. Unless the items that are sold are personal property that are exempted by the probate code, the personal representative must confirm sales of the estate with the court that is presiding over the probate process within 30 days of the sale.
There are a number of circumstances where a will may need to be validated prior to anyone being able to act upon it. It will then be through the process of probate that a will can be validated.
Every loss of a family member or loved one will bring along with it indecision as what to do next. The unexpectedness of such a loss can sometimes make it difficult for individuals to take the necessary steps to ensure that all matters are in order.
As many Las Vegas residents know, planning and organizing your estate is not exactly a "fun" thing to do; nor is it the most straightforward process. There are many tough decisions that people need to make, and they need to think deeply about all of these decisions. Making a snap decision about your estate, or establishing a will or trust in haste, can result in disaster down the road.