• 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      • Is Your Estate Plan Outdated?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 » Will My Heirs Receive Their Inheritances Quickly?

Will My Heirs Receive Their Inheritances Quickly?

September 27, 2019 by Bryce L. Rader, Estate Planning Attorney

estate planningPeople that are serious about their estate planning efforts are interested in attending to every detail. This is wise, because the matter boils down to the final gifts that you will be able to give to the people that you love the most. The simpler and more efficient it is, the better for them, so you would naturally be concerned about the time frame after you are gone.

There is no cookie-cutter, one-size-fits-all estate plan, so the waiting game, as it were, will depend upon the way that you plan your estate. Let’s look at some of the details.

Last Wills and Probate

If you use a last will, you name an executor to handle all of the tasks that must be completed to get the assets into the hands of the inheritors. The executor is not allowed to act independently. After your passing, the executor would admit the will to probate, and the court would supervise the estate administration process.

When probate enters the picture, your heirs will not receive their inheritances shortly after your passing. The first order of business for the court would be to determine the validity of the will, and to this end, any party that wants to issue a challenge can take advantage of this window of opportunity.

Creditors must be notified, and they are given a certain amount of time to come forward seeking satisfaction. The executor would have to identify and inventory all the assets that comprise the estate, and appraisals and liquidations are typically going to be necessary.

All in all, the best case scenario would be 6 to 8 months to a year. More complex cases, like a contested estate situation, can take considerably longer. For example, it took well over a decade for the Anna Nicole Smith case to run its course.

It should be noted that this is not the only drawback of probate. Considerable expenses accumulate, and this money reduces the amount of the inheritances that will eventually be passed along to the heirs. There is a loss of privacy as well, because probate records can be accessed by the general public.

Revocable Living Trusts

A lot of people that do not look into the subject closely assume that a last will is the right asset transfer vehicle to benefit your heirs. They are under the impression that trusts are only utilized by very wealthy people that have estate tax concerns or other complicated situations to address.

While it is true that there are trusts that are beneficial for high net worth individuals, these would be irrevocable trusts. There is another type of trust called a revocable living trust that can be ideal for “the rest of us” and actually benefit your heirs.

When you use a revocable living trust as the centerpiece of your estate plan, you maintain complete control of the assets, because you would act as the trustee and the beneficiary while you are alive and well. You name a successor trustee to take over when the time comes, and you name your heirs as the beneficiaries. After your passing, the trustee would be empowered to distribute assets to the beneficiaries in accordance with your wishes as stated in the trust declaration.

These distributions to beneficiaries would not be subject to the probate process and the undo time consumption that goes along with it. Many of the other drawbacks would be avoided as well, and a living trust would provide additional advantages. For one, you can include a spendthrift clause to protect assets that you are leaving to someone that does not manage money effectively.

We Are Here to Help!

Our doors are wide open if you would like to discuss your estate planning objectives with a licensed attorney. You can schedule a consultation right now if you give us a call at 775-823-9455. There is also a contact form on this website that you can use to send us a message.

  • Author
  • Recent Posts
Bryce L. Rader, Estate Planning Attorney
Bryce L. Rader, a shareholder of the law firm, practices primarily in the areas of estate planning, probate, trust administration following death or disability and long term care planning, including guardianships and other Elder law matters.

With a law degree and a Master of Health Administration from the top health law program in the nation Mr. Rader began his career in public service with the Nevada State Board of Medical Examiners. While with the Board he dealt with many complex health care issues confronting the state and assisted in redrawing state health law. Mr. Rader next worked for the Governor’s Office, Consumer Health Assistance. As Deputy Chief Ombudsman he represented the interests of many citizens before health care providers, state legislators and other state agencies.
Latest posts by Bryce L. Rader, Estate Planning Attorney (see all)
  • Who Gets My Assets If I Die With No Will? - October 29, 2020
  • Estate Planning Awareness Week: The Importance to You and Your Family of Having an Estate Plan - October 19, 2020
  • Can Estate Planning Protect My Family Heirlooms? - October 14, 2019

Filed Under: Estate Planning Tagged With: trusts, wills

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