Estate planning can be a very difficult process. While it’s not brain surgery, making the decision to move forward with the planning requires us to face the fact that we will not live forever. This thought can stop many people right in their tracks. Others talk themselves out of seeing a qualified attorney to put together an estate plan based on some of the following common myths: Myth #1: Only the Rich Need Estate Planning When we hear about estate planning on the news or read about it on the … [Read more...] about Myths We Tell Ourselves About Estate Planning
When we consult with clients, we often hear many of the same questions. With this in mind, we present a hypothetical question-and-answer session with a Reno estate planning lawyer in this post. Doesn’t the state take care of everything when you die without an estate plan? To die without an estate plan is called dying intestate. Under the rules of intestacy, the probate court would supervise the administration of the estate. Creditors would be given an opportunity to come forward seeking … [Read more...] about Q & A Session With a Reno Estate Planning Lawyer
The idea of estate planning might be one of the scariest things you have to confront as an adult. After all, nobody wants to think about their death. Or incapacity. But estate planning does not have to make chills run down your spine. On the contrary! Estate planning is empowering for both you and your family and allows you to live confidently knowing that things will be taken care of in the event of your passing or incapacity. Remember, estate planning is not just for the ultra-rich. If you … [Read more...] about Estate Planning Isn’t Spooky! But not planning can be downright terrifying.
Probate is simply the administration of an estate through the court system after someone's death. Nearly every estate is required to pass through probate before heirs can receive their inheritance. While the purpose of this process is to transfer the estate in an organized fashion, there are three major disadvantages to probate, which typically lead individuals to try to avoid the process altogether. Whether or not probate should be avoided is a decision each person should make when … [Read more...] about Reno Estate Planning Lawyers Explain Disadvantages of Probate
There are three common reasons most people choose to avoid probate. Probate is a very public process, it can be rather expensive and, for some, it can take a long time. When trying to decide whether to take steps to avoid probate, many people ask, “if my estate requires probate, will it take a long time to complete the process?" The answer is that it really depends on several factors. The length of a probate proceeding depends on the estate The length of time it will take to close the … [Read more...] about If My Estate Requires Probate, Will it Take a Long Time?
You may have heard the term "intestate" or "intestacy" before, but wondered what it means. As your estate planning attorney can explain, the term "intestate" simply means dying without a will. So, intestate succession refers to how property will be distributed after your death, if you die without a will or any other estate planning instruments. What does it mean to die intestate? If you have no plan then the probate court in your county of residence will be left to determine how to distribute … [Read more...] about What does it Mean to Die Intestate?
If one of your goals in estate planning is to avoid probate through a revocable living trust, you should also have a "pour over" will. Pour over wills allow certain property that passes through your will at your death to be poured into (or transferred) to a trust. At that point, the property is distributed to your trust beneficiaries. Benefits of pour over wills A revocable living trust only governs the assets that have been transferred under the Trust Agreement. Any assets that are not … [Read more...] about Why Do I Need a Pour Over Will?
Why Does Probate Takes So Long in Nevada from Anderson, Dorn & Rader, Ltd. The length of time it will take to complete the probate of an estate depends a great deal on the size and nature of the estate. In many cases, routine probate proceedings will last at least 120-180 days because of the requirement of publishing notice to creditors and allowing them time to file their claims. Learn more about why does probate takes so long in Nevada this presentation. … [Read more...] about Why Does Probate Takes So Long in Nevada
Nevada's probate statutes are a set of laws pertaining to issues relating to wills and estates. There is a Uniform Probate Code (UPC) which is meant to simply the probate process and standardize the laws regarding wills, trusts, and intestacy. The Uniform Probate Code also deals with gifts as well. Since the probate code is likely to impact your estate plan in some way here is an overview of several of its important aspects. Why is a standardized set of laws necessary? Both federal and state … [Read more...] about The Probate Code and how it affects Your Estate
The basic probate process is already time-consuming, taking years to complete in some cases. However, did you know that if you have property located in a state other than where you live, your estate will be subjected to another separate probate process? Probate attorneys have experience handling, what is referred to as, ancillary probate. The question is: can it be avoided? What does ancillary probate mean? The term “ancillary,” in the legal context, means a legal proceeding that is not … [Read more...] about Can I Avoid Ancillary Probate in Nevada?