There are a number of legal tools that can be used to put together an effective estate plan. This is especially true when you keep in mind that estate planning is about more than just transferring assets, it's about wealth management.
It may seem counterintuitive, but planning for death can help you make the most out of life. A recent piece in the Huffington Post discussed the importance of estate plans, noting that these legal tools are important for everyone, regardless of age.
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.
Nevada residents who are interested in the estate planning process may wish to know about one billionaire's legal battle to prove he is mentally competent. Given the circumstances, this kind of situation is relatively common in mixed families.
Nevada residents who are estate planning may wonder whether a will is the best choice. They might have heard that probate can be expensive and time-consuming. The probate process refers to the legal recognition of the will and the appointment of an administrator for the estate. This person's job is to inventory and distribute assets. Usually, the process is not lengthy or costly.
If there are no known heirs to an estate, or if there is no executor to an estate, a public administrator may be called in to protect it. In some cases, a public administrator might be named in a will to be the executor of an estate, or a judge might appoint one to be the executor. The latter scenario generally occurs if a named executor fails to act and part of or all of an estate may be at risk.
Many Nevada residents neglect to consider their digital assets like their social media profiles when they begin planning their estates. However, it may now be easier for Facebook users to dictate what will happen to their profiles in the event of their deaths with the introduction of a new feature on the social networking site.
Disputes over the items a family member has in their estate when they die are common among Las Vegas families whether the deceased person had millions of dollars or died virtually penniless. Wills and trusts are effective ways to reduce the amount of discord after death but unless every heir has a clear understanding of what they are to receive as an inheritance, disagreements and even lawsuits may still happen. Robin Williams' estate was not exempt from family drama.
Individuals in Nevada who are planning for the ultimate distribution of their estates and whose only significant asset is real property may be able to avoid probate altogether by using some other methods of transferring property in place of a will. Probate can be expensive and time-consuming, so individuals may wish to consider changing the title in some way that will allow the real estate to pass straight to the beneficiary. One way of doing this is by creating a living trust. The property is transferred into the trust and retitled accordingly. A living trust permits the individual to keep control of the asset.
Estate planning is an important topic that newlyweds in Nevada should take the time to discuss even though it may be far from their minds. After getting married, spouses should update their estate plans so that they are prepared for the unexpected.