As they age, Nevada residents may find that it is difficult or intimidating to focus on issues related to final estate matters. A recent survey indicates that more than half of parents in the nation have failed to create the documents needed to clarify their final wishes. In some cases, the documents may exist, but those who need to know what is in them and where they are located are uninformed. In other cases, final plans are left up in the air, resulting in situations such as probate for handling estates later on.
Nevada residents may have wondered at what point in their lives they should write a will. Some might even believe they own too few assets for the document to be worth the effort. Statistics show approximately 70 percent of all adult Americans have neglected to draw up a will. However, anyone who has a family, a home or any type of savings account may benefit from drafting some basic estate planning documents.
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.
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.
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.
It is estimated that on a national level, baby boomers could inherit in excess of $30 trillion from parents in coming decades. Nevada residents who have children in this group may find that guidance is important for creating an estate plan. A sound strategy could be the difference between one's heirs losing or retaining assets. Experts note that the emotion associated with such transfer of wealth can be a challenge during the estate planning process. An effective financial advisor may be helpful in assisting with these issues and even continue a professional relationship with one's heirs, ensuring that the next generation down the road is taken care of too.
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.
Under Nevada law, if a person dies with a will and assets, including real property or having a value of more than $20,000, his or her estate must be submitted to probate. Probate is the court-supervised process whereby a person's will is validated or challenged and the assets of his or her estate are distributed to beneficiaries. If the person dies intestate, without a will, then the estate will generally be settled by a similar process called administration.
When a person passes away, heirs might wonder if they are liable for his or her debts. In most cases, the answer to that question is no. However, there are certain circumstances where a person's survivors might be held responsible for an unpaid balance.
A Nevada senior dealing with estate planning considerations may wonder about the best assets to keep for passing along to heirs. Some assets are better to retain until death, and others should be liquidated rather than held for testamentary distribution. While the estate planning process is affected by one's unique portfolio, there are some helpful principles to follow in managing assets.