• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Anderson, Dorn & Rader, Ltd

Reno Estate Planning Attorneys

  • Home
  • About Us
    • About Our Firm
    • Communities We Serve
      • Carson City
        • Churchill County
          • Fallon
      • Douglas County
        • Gardnerville
        • Minden
      • Lyon County
        • Dayton
        • Yerington
      • Washoe County
        • Incline Village
        • Reno
        • Sparks
    • Meet Our Team
    • News & Events
  • Services
    • Advanced Estate Planning
      • Estate & Gift Tax Planning
    • Asset Protection
    • Trustee Services
    • Financial & Investment Planning
    • Foundational Estate Planning
      • Estate Planning Services
      • Inheritance Estate Planning
      • Incapacity Planning
      • IRA & Retirement Planning
      • Legacy Wealth Planning Reno
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate & Trust Administration
    • SECURE Act
    • Special Needs Planning
  • Resources
    • Blog
    • DocuBank
    • Estate Planning Resources
      • Estate and Gift Tax Figures
      • Estate Planning Articles
      • Estate Planning Definitions
      • Free Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Top Estate Planning Techniques
    • F.A.M.E.
    • Frequently Asked Questions
      • Asset Protection
      • Estate and Gift Tax
      • Estate Planning
      • LGBTQ Estate Planning
      • Pet Planning
      • Probate
      • Probate and Trust Administration
      • Special Needs Planning
    • Newsletters
    • Pre Consultation Form
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning For Niches
      • Trust Administration
    • Top Five Ways to Avoid Probate
    • Trust Administration Checklist
    • Videos
  • Events
  • Contact
  • Reviews
    • Our Reviews
    • Review Us
    • (775)  823-9455
    • ATTEND AN EVENT
Anderson, Dorn & Rader, Ltd.
Home » Estate Planning » A Better Way to Avoid Probate in Nevada

A Better Way to Avoid Probate in Nevada

August 1, 2013 by Gerald M. Dorn, Estate Planning Attorney

You should be aware of the process of probate in Nevada when you are making preparations for the distribution of assets to your loved ones after your passing. When you hear some of the details you may decide that you would like to take steps to avoid probate.

Why Avoid Probate?

If you have a will, it is filed by the executor and is reviewed by the court to determine its validity. If there is no will, the probate court will follow the “will” found in the statutes of the state where you reside. These are call the laws of intestate succession.  During the probate process final debts of the deceased must be reviewed, allowed or challenged and, after approval by the court, paid by the executor out of estate funds.
This can include the payment of taxes, so services of an accountant are often necessary. Certain assets may need appraisals, and this can require the engagement of an appraiser or appraisers.
Because probate is a legal process the executor is also going to need the assistance of a probate lawyer in many cases.
When you add up the fees that will be charged by all these professionals they can be considerable. Further, the executor who is administering the estate is entitled to payment for his or her time and trouble.
One reason to avoid probate is to avoid these costs. Another is to reduce the time spent in administration that increases the wait for distribution to the beneficiaries.

The Risky Way

Some people decide they want to avoid probate and they do it by adding a co-owner to property and financial accounts. This is called joint tenancy with right of survivorship.
The idea is that the surviving joint tenant inherits the property in question after the death of the other co-owner, without the need for probate.
There are a number of risks you take if you were to go this route.
Let’s say that you make your brother the co-owner of your property. Someone sues your brother. The property you have worked for all of your life is suddenly fair game for the litigant seeking redress.
Another risk you take is that the person you add to your bank account has total access to the funds. Clearly you are going to select someone that you trust, but their creditors also have total access.
These are a couple of things to think about, but there are many other unintended consequences that can result if you use joint tenancy as an estate planning solution.

Revocable Living Trusts

The creation of a revocable living trust would be a better way to avoid probate. You as the creator of the trust are called the “trustor” or “settlor.” While you’re living you can act as the trustee and the beneficiary so you have sole control of the assets.
Because the trust is revocable you can dissolve it if you wish, or amend and change the terms at any time. After your passing the trustee you choose to succeed you when you create the trust becomes the trustee. He or she then administers the estate outside of the courtroom and distributes the assets to the beneficiary or beneficiaries in accordance with your expressed wishes.

  • Author
  • Recent Posts
Gerald M. Dorn, Estate Planning Attorney
Gerald M. Dorn, Estate Planning Attorney
Gerald Dorn is a shareholder and has been a partner at Anderson, Dorn & Rader, Ltd. Since 1998. Mr. Dorn has extensive experience serving wealthy families and business owners in the development of estate, tax and asset protection planning strategies. He made the decision to focus his practice in the area of estate planning after witnessing the personal grief and financial loss suffered by several of his clients as a result of poor planning. These experiences motivated him to dedicate his professional life to assisting his clients to preserve their life’s work for their heirs and to create a lasting legacy for those they love. Mr. Dorn is able to accomplish his mission through the use of a vast number of estate planning tools, both basic and advanced, for all of his clients at Anderson, Dorn & Rader, Ltd.
Gerald M. Dorn, Estate Planning Attorney
Latest posts by Gerald M. Dorn, Estate Planning Attorney (see all)
  • Getting Ready for 2021 - December 15, 2020
  • Myths We Tell Ourselves About Estate Planning - October 13, 2020
  • Living Trusts Streamline the Estate Administration Process - June 8, 2020

Filed Under: Estate Planning, Probate Tagged With: Probate Avoidance, Probate in Nevada, Probate Reno NV

Primary Sidebar

Anderson, Dorn & Rader, Ltd

Blog Subscription

Free Estate Planning Worksheet

Follow Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Reno Office

Reno
500 Damonte Ranch Parkway
Suite 860,
Reno, NV 89521
United States (US)
Phone: (775) 823-9455

Reno Office Map

map

Reno Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 5:00 PM

Minden Office

Minden
1692 County Road
Suite A,
Minden, NV 89423
United States (US)
Phone: 775-823-9455

Minden Office Map

map

Minden Office Hours

By Appointment Only, Call For Details

Footer

About the American Academy | Disclaimer | Privacy Policy | Site Map | Contact Us
Anderson, Dorn & Rader, Ltd
All Rights Reserved.

Attorney Advertisement
Anderson, Dorn & Rader, Ltd. Logo

© 2021 American Academy of Estate Planning Attorneys, Inc.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube