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
The last will is a document that most people are familiar with and is the most common estate planning tool. In fact, many movies have romanticized the proverbial "reading" of the last will of a deceased family member. We can all imagine a family gathered in a lawyers office as the will is read, letting each person know what they received, or did not receive, from the estate. Most people know that there are other legal instruments that can be utilized. But a lot of them are under the impression … [Read more...] about Is A Last Will The Best Choice?
Before we take a look at a couple of simple probate avoidance tools, let's examine the reasons why people avoid probate in the first place. For one thing, probate can be quite time-consuming. Depending on the complexity of the estate and whether or not the will is being challenged it can take anywhere from 6-9 months to even multiple years in complicated cases. In addition to the time involved, probate can be expensive, consuming up to 5% of your estate, in addition to extraordinary costs, … [Read more...] about Simple Asset Transfers Outside Of Probate
There are many "tools" to choose from when establishing your estate plan. One traditional option is the Will. If you research information about Wills you will find Internet marketing sites that will sell you a "one-size-fits-all" template. To hear them tell it, drawing up a Will is a simple matter but there's more to it than meets the eye. If you pass away leaving a Will as your estate plan your estate will pass through a probate procedure. The probate court will examine your Will to ensure … [Read more...] about Probate Lawyers Understand The Process
Living Trust vs. Will in Nevada A living trust and living will might sound similar but actually, the two are quite different. A living trust is designed to help protect and distribute your assets. The assets are actually titled in the name of the trust and depending upon the terms of your trust, you may have complete control or hand the management of the trust over to someone else. Upon your death, beneficiaries receive the assets according to your terms in the trust. A method of avoiding … [Read more...] about What’s the Difference Between a Living Trust and a Living Will?