Asset protection can be achieved for Nevada residents when planning ahead. This statement is especially true for individuals with large estates and significant amount of wealth accumulated throughout their lives. Proper steps have to be taken to distribute the assets among the family members, friends, charities or business partners.
What happens to a person's digital assets after he or she dies? One family had to fight Yahoo for the right to access their deceased son's emails that he wrote while in the military. The case took a year to resolve although the family ultimately won the right to access those messages. Fortunately, a new piece of legislation called the Uniform Fiduciary Access to Digital Assets Act may codify who has access to an individual's digital content after he or she passes.
One of the easiest ways to ensure that an estate can quickly pay outstanding debts and transfer assets to heirs and beneficiaries is to keep documents organized and easy to access. A good idea may be to keep digital copies of these documents on a computer file. It is also important that one person or a few trusted friends or family members know where these documents are kept and how to access them.
Nevada residents who are making plans for the distribution of their estates should keep in mind that the process might have a number of pitfalls. Errors made while making an estate plan can result in the wrong people receiving assets or in assets being tied up in litigation for years.
If a Nevada resident dies with an outstanding credit card balance, what happens to that obligation? The answer to that question depends on the circumstances surrounding the balance and if that person was the only one who was obligated to repay that debt. In most cases, the estate of the deceased person is required to pay that debt if there are sufficient assets to do so.
Nevada residents who are being to plan how their estate is administered after they pass away might benefit from information in a recent article regarding trusts funds. Trust funds can be used to care for people when they no longer have the capacity to care for themselves. An individual can set up a care management trust with themselves as beneficiary and another person, who can make decisions for the beneficiary about issues such as moving into care facilities and end-of-life care, as trustee. A trust may be the best way to protect assets that pass to minor children from parents or grandparents before they come of age.
Nevada residents are encouraged to make periodic reviews of their estate plans so that changes can be made in a timely way as needed. Many people believe that their estate planning is completed when the documents are signed and filed. However, failing to pay attention to these documents in the future could result in difficulties for surviving heirs. Research indicates that most estate plans are at least five years old, even those involving extremely sizeable estates.
Nevada residents are well aware of the importance of estate planning. Those who pass away without leaving a valid will and testament are leaving their worldly possessions to the say of probate court. However, the choice of who should administrate the estate and manage a trust can be as critical as writing the will itself.
Nevada residents who are setting up a comprehensive estate plan may be interested in one way to minimize the tax burden on their beneficiaries. This type of trust is useful when a home is being passed on in the estate.
It is natural for those who are left out of a will to feel a certain level of bitterness or regret. In the case of one woman, her 74-year-old father left a $1.6 million trust as well as his possessions to his third wife. Instead of getting a portion of her father's estate, she and her family got nothing.