Estate Planning For The Long Run

Henderson Nevada Estate Planning Law Blog

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 your family has an estate worth more than $100,000. However, an estate plan can benefit anyone who has people who depend on them, substantial assets such as a home or intentions for a personal legacy created through charitable giving.

If you die without a last will, the state says that you died intestate, which means that the probate courts will determine how to split up your assets among the people in your life. Depending on the total value and the relationships you have, different members of your family can expect different benefits from intestate succession.

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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