Nevada Inheritance Laws: The Basics

When it comes to inheritance laws in Nevada, it is in your best interest to understand at least the basics of this particular law. This is done to make sure that not only are you taken care of, but any inheritance left by loved ones are protected as well. Therefore, the following list includes some of the most basic facts regarding the process of inheritance in the state of Nevada.

Unmarried but With Children

If you or your partner pass away suddenly, Nevada will follow its inheritance laws, which allow it to present any valuable assets to the children first. This can be quite tricky, so you may need to utilize the help of an estate planning attorney in Las Vegas company to receive more detailed information.

Should You Worry About Inheritance Laws Tax?

You will be pleased to know that in Nevada, there has not been an inheritance tax aka estate tax since the year 2005. Nevada joins 38 other states in the union with regard to the removal of this type of tax. Therefore, it is important to be aware of anyone seeking to collect tax on your inheritance and report them to the proper authorities. Note that if you are a citizen of Nevada but inherit funds from another state that does hold this law, you will need to pay taxes on it.

What Happens If There Is No Will

One of the most complicated and frustrating issues when it comes to death without a will is that the state will then enact its own procedures. This means that everything in your possession at the time of a person’s or your own death will go into probate. This process can be incredibly long and expensive for those left to deal with it. The lesson here is to write your will on time or encourage family members to do so.

Who Is Responsible for Paying Creditors After a Person Dies?

It isn’t uncommon for a person to die before paying off a mortgage, auto loan or other type of debt balance. In most cases, that person’s estate is held responsible for paying creditors assuming that there is money available to do so. Friends, family members and other parties are not responsible for paying off a person’s debts unless their names were on a loan document as well.

Guidelines for Paying Creditors After a Person Dies

If an estate is subject to going through probate, creditors are generally allowed to make claims at any point while a case is open. Secured creditors are generally given priority over unsecured creditors as they have an interest in an underlying asset such as a home or car. However, if there is no money available to pay unsecured creditors, an estate is under no obligation to do so.

Debts Are Paid Before Assets Are Distributed

Debt balances, legal fees and other costs are taken out of an estate before assets held in an estate are distributed to beneficiaries. Those who wish to ensure that a friend or loved one gets their full inheritance may want to create a trust or make use of beneficiary designations. Doing so will hold assets outside of an estate, which means that they aren’t subject to probate.

An Attorney Can Help You Navigate Probate

A probate attorney in Las Vegas may be able to represent you or your family’s interests until a loved one’s estate has been settled. He or she may be able to work with creditors or other parties to ensure that their claims are settled in a proper manner. In many cases, executors can shield themselves against personal liability by relying on the advice of legal counsel.

Factors That Determine the Probate Length in Las Vegas

A study in 2019 found that individuals who were 72 years or older were more likely to have a will. Working with an estate planning lawyer in Las Vegas is one way to ensure that a person’s affairs are in order before they pass. Often, the probate length is shorter when all signatures are valid and no paperwork is missing from the final will.

Here are some factors that determine the length of probate.

Consider the Size of the Estate

The larger the estate, the more time it takes to verify all the corresponding documents. Plus, the lawyers and officials involved need time to go through all of the estate’s components so they can notify everyone named in the will. Large estates are complicated because they have legal and tax implications for the heirs. So, everything has to be sorted through with a fine-tooth comb.

Debt Can Determine Probate Length

If a person leaves behind debt, the assets of the estate are used to pay it off first. Then, the heirs receive their share based on what is left. The more debt, the longer the probate process may take. The correct agencies have to be contacted. Plus, settlements have to be reached and accounts must be reconciled. If there are any disputes, the process has to wait until a resolution is reached.

It Depends on the Number of Heirs

When there are several heirs, the probate process may take longer because there is always the possibility that at least one is going to object to the instructions of the will. If there are only a few heirs, the probate process may move more quickly. When there are more people with a high stake, it is a good idea to exercise patience.

Why You Should Update Your Will After a Financial Loss

Life can throw you a lot of curve balls. At bat, you swing hoping for the best. Sometimes something less than desirable happens. After a financial loss, you must consider updating your will as your financial outlook may be different than it was when first writing it.

Shifted Priorities

After a financial loss, your priorities may have shifted or you may be in a position where you are less able to give the way you intended. Your life experiences provide insight, which may be different from when your will was first drafted. Your wealth that you considered initially may be different now, and you may want to ensure that particular people do or do not get what you once had drafted.

Financial Loss Impacts

After suffering a financial loss, your financial outlook most likely will change. Sometimes this requires a redistribution of funds in order to maintain your wishes as originally planned and drafted. While redistribution of your wealth due to a financial loss isn’t necessarily driven by emotion, it most definitely is driven by necessity to ensure your loved ones are getting what you want them to.

Importantly, if you financial loss is due to indiscretion by you or a family member’s actions, it is often advisable to understand if the consequences are farther reaching than first anticipated. If you’re leaving something for your loved ones, it is necessary to ensure that they are still receiving what you want them to receive. Long term wealth though giving and passing on to your children and your children’s children is a common practice. Therefore, it is always advisable to update your will after a financial loss to protect what you can.

Best Practices

It is always best practice to revisit your will relatively often with the help of a trust administration lawyer in Las Vegas. This allows your wishes to be documented fluidly as your life progresses. Updating, or at a minimum ensuring that your wishes still stand, is an important and necessary activity in estate planning.

How to Make Your Writing Your Will Simple and Efficient

Estate planning is never easy. One important step to planning your estate is writing a will. For those who plan on leaving money and valuable assets behind, a will is the best way to ensure that your desires are followed through after your death. You don’t want to leave your money and assets up for grabs for someone undeserving to snatch them. Here’s how you can make writing your will simple and efficient.

1. Use a Professional

The best way to ensure that your will is sound and simple is by using a professional. Using an estate planning attorney in Las Vegas is a helpful solution for those who want to make their will simple. An attorney can compile your list of assets and help ensure every single one is listed in a clear and concise way. They can also help you divvy up your finances according to your wishes. With legal help, you can be sure that if your will is taken to court, your wishes are simply and clearly given.

2. Be Specific

Another tip is to be specific. Some will find that writing your will isn’t easy. There may be so many things that you need to include. One format to consider is a bullet list. Simply list the asset, then specifically name who receives it. As for your finances, you can choose to use bullet points as well. List an amount of money, then give the name of the person who receives it.

3. Leave Personal Anecdotes Out of Writing Your Will

One final tip for writing your will simply is to keep personal anecdotes out of it. Many try to use their wills as a place to say goodbye. Leave that for personal letters that you write later. Financial assets and personal goodbyes should be separated to make your will simpler.