Far too many people automatically assume that a last will is the right asset transfer vehicle, but this is a shortsighted perspective. There are many different types of trusts that can be utilized, and some of them are ideal for people that are not extraordinarily wealthy. The trust that is optimal for the widest array of people is the revocable living trust. These trusts provide several advantages, but we are going to focus on one aspect here. Estate Administration If you were to use a … [Read more...] about Living Trusts Streamline the Estate Administration Process
Probate is the legal process of estate administration. We practice law in Nevada, and in our state, the probate court in the county that the decedent resided in would supervise the process. In this blog post, we will provide some answers to frequently asked questions about probate. Why does probate exist? In an estate planning context, probate exists to provide supervision when an estate is being administered. If the last will is used as a vehicle of asset transfer, an executor would be … [Read more...] about Understanding the Probate Process
In some instances, a client will come to us looking for help because of a bad situation that has developed due to a lack of informed planning. We do what we can under these circumstances, and there are damage control strategies that can sometimes be implemented. These situations are a bit frustrating for us, because we know how easy it could have been to avoid the difficulties. With this in mind, we will look at a handful of common estate planning mistakes that are made in an effort to … [Read more...] about Don’t Make Uninformed Estate Planning Choices
Laypeople often think about estate planning as something that is resolved after you execute certain documents. While it is true that you must state your final wishes in writing, you should also consider the estate administration process that will unfold after you are gone. In the trust declaration, you name a successor trustee to administer the vehicle when the time comes, and your heirs would be the beneficiaries. It is possible to use someone that you know personally to act as the trustee, … [Read more...] about What Are Fiduciary Services?