Estate Planning For The Long Run

Henderson Nevada Estate Planning Law Blog

Remember to review your estate plan if these happen

Every adult needs an estate plan that outlines their wishes for what will happen after they pass away, as well as plans for their care if they become incapacitated. The thing that many adults don't realize is that they will have to review the plan periodically after they make it.

It's imperative that your estate plan always reflects your most current wishes. You should check it and update it if you have major life changes or at least every three years. You also need to do this if there are ever any changes in any laws, including tax law, that governs the plan.

Attorney Gregory Morris selected for inclusion in Nevada Super Lawyers 2020

We are pleased to announce that Gregory Morris was selected for inclusion in Nevada's 2020 list of Super Lawyers. This is Mr. Morris's fifth consecutive year being recognized for his work in estate planning and probate.

Only 5 percent of Nevada attorneys are selected to Super Lawyers each year. Attorneys are chosen after careful evaluation of twelve indicators of professional achievement and peer recognition:

Benefiting Your Children Through Estate Planning

Your estate plan is the guide that your loved ones will follow when you pass away. While many adults have created an estate plan, many have not. It is prudent, especially if you have young children, to create an estate plan to ensure they are taken care of in the event you pass away or become incapacitated. The best time to do this, is now.

Do I need an estate plan at a young age?

Young adults tend to neglect thinking about their estate plan in lieu of their careers, lifestyle, or other endeavors. Thinking about planning your estate at a young age may seem morbid or untimely, especially for those who are single or may not have much by the way of assets, but that is a common misconception.

Young adults can greatly benefit from creating an estate plan. If you pass away unexpectedly, you will want your family or loved ones to be taken care of, first and foremost. Even if you live a long life, it's best to start thinking about your estate plan now. By having strong foundations in place regarding your estate plan, you can build upon it over time. The following are some of the main benefits of creating an estate plan even at a young age.

Greg Morris accepts UNLV's prestigious Alumni of the Year award

Attending college and graduate school can allow people to network and develop their intellectual capacity in the pursuit of a future career.

Recently, Greg Morris, who attended the University of Nevada Las Vegas (UNLV) for undergraduate studies, and graduated with high honors with a degree in English, returned to the school from which he matriculated to accept a prestigious award.

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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