Some Nevada residents who are planning to create an estate plan may want to consult with our attorney about drafting a will. Although many people do not like thinking about what will happen after their death, individuals who establish wills and trusts during their lifetime can help ensure that their property is passed on according to their wishes.
Nevada fans of Robin Williams may be interested in how the actor set out plans for the distribution of his estate. Williams died of an apparent suicide August 11, according to police. The 63-year-old Oscar-winning actor had battled substance abuse problems and depression for quite some time.
Nevada residents who have not developed estate plans may not realize that a sudden death could result in legal proceedings for survivors who must deal with assets and the probate process. A trust is a planning tool, helpful as a supplement or replacement for a will. While it serves a similar purpose to a will, it might allow the estate to avoid probate. A trust involves the transfer of legal ownership from a property owner, also known as the trustor or grantor, to a manager, also known as a trustee. The property is managed on behalf of the beneficiary, an individual who will eventually receive that property.
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.
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 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 interested in setting up a trust may realize the importance of making the right choice when choosing the kind of trust fund that suits their needs. The reasons someone sets up a trust fund differ, and understanding the types of trusts and their characteristics is important.
For Nevada residents, trusts can be a major part of their estate planning regime. One particular type of trust may be useful in situations where there is a child who has special needs.
For Nevada parents thinking about estate planning, one of the main concerns is how a family will be cared for after the parents have passed on. Most Americans are concerned with saving for retirement and making sure that their children are secure, but how does this work for families that are considering a special needs trust? Setting up a special needs trust is extremely important for families who have disabled children, and it is vital to take all of the necessary legal steps.
Many people find it difficult to confront issues about what will happen after their death. To avoid the state of Nevada deciding how to divide their property, proper estate planning can provide peace of mind. By including a trust in their estate planning, they can determine how their estates will be distributed upon their death.