Estate Planning For The Long Run

Henderson Nevada Estate Planning Law Blog

Giving back to the community through estate planning

As we move through our lives, it is easy to focus on keeping our own affairs in order and develop tunnel vision around our own experiences. For many people, sitting down to create their estate plan is one of the first times they've truly considered whom they want to receive their property after they pass away and what kind of impact they hope to leave.

Estate planning is a powerful tool anyone can use to express their values and build up the community around them. If you have yet to create your own estate plan, you may find that you can accomplish much more than expected with high-quality legal tools and guidance. With some care and creativity, the possibilities are endless.

Three common misconceptions about powers of attorney

Every person's estate plan is a little different because each person's situation and estate planning goals are usually different. Many people think of an estate plan to detail what they would like to happen after death. However, if you are creating an estate plan, it is also prudent to plan what you want to happen if you are alive but unable to make decisions for yourself.

One way to do this is by appointing alternate decision-makers with powers of attorney. However, many people do not take advantage of these tools because they may believe some of the common misconceptions surrounding power of attorney documents.

What happens if you die without a last will in Nevada?

Some people think that last wills and estate plans only matter if you have a large estate. However, an estate plan can benefit anyone, including those with modest estates. Regardless of the size of a persons' estate, all kinds of people can benefit from estate plans, including those who have people who depend on them, those who own real estate, those who have charitable inclinations, and those who do not have children, just to name a few.

If you die without a last will and testament in Nevada, the state defines that as dying intestate, which means that the Nevada's laws will determine who is responsible to administer your estate and who your heirs will be, which will likely be handled in a probate court proceeding. Depending on the value of your estate and your personal relationships, this process could become unnecessarily time consuming and expense, and the wrong people could end up being involved in handling your estate and/or inheriting from your estate.

Three common probate disputes you should try to prevent

Television dramas often depict disputes over wills as dramatic conflicts between dysfunctional children of wealthy parents. While these depictions are entertaining, they are not representative of all inheritance disputes.

The probate process allows beneficiaries, creditors and others with interests in an estate to challenge the legitimacy of a will. Despite television portrayals, these disputes can happen to well-adjusted families with estates of any size. Here are a few common disputes that can arise during the probate process.

When Is Probate Needed In Nevada?

Many people wonder what will happen to their property after they die. Nevada refers to the transfer of a person's property of their death as "probate." How extensive the probate process is for your estate will depend on the value of your estate.

If your estate is smaller, your heirs can bypass the probate process if your estate is worth less than $25,000, contains no real estate holdings and is passing to a non-spouse. This amount changes to $100,000 if property is passing to a spouse. Your heirs can skip the courts with an Affidavit of Entitlement to receive assets in bank accounts, stocks, pensions and other accounts.

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From our office in Henderson, we assist clients with a variety of estate planning and administration needs. Call us at 702-706-0795 or use our online contact form.

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