Apr 21 2020

Understanding the Probate Process

The Probate Process From Start to Finish

When dealing with the probate process after the loss of a loved one in Las Vegas, it can be easy to lose track of what exactly is supposed to happen next, or what is required to keep things moving. Dealing with the loss and grief can be enough to overwhelm someone on its own, let alone adding the stress of keeping up with a convoluted legal process to make sure their estate is handled properly. There are a few things that can help make the probate process more manageable, the first being understanding what exactly the probate process entails.

What Is the Probate Process?

Probate covers the court-supervised process of verifying and authenticating the last will and testament of the deceased if one was made. This includes things such as determining the value of assets like homes or other pieces of property, as well as paying any final bills and taxes, and lastly properly distributing the remaining estate to their beneficiaries. There are a few notable steps in this process.

Verifying the Will

There will be a court hearing scheduled with all of the beneficiaries to verify and confirm the deceased’s last will and testament. So long as there are no objections to the submitted will and testament, it will be submitted as the final will and the next steps in the probate process can continue.

Naming an Executor

The judge will appoint an executor once the will has been verified. Usually, the deceased will have named one in their will, but if there is no will or no executor appointed in the will it generally falls upon the spouse or eldest next of kin to handle the responsibilities. The executor will receive letters of authority which will allow them to handle transactions related to the estate on the deceased’s behalf. It may be recommended that the executor retain a probate attorney in Las Vegas to assist with the process.

Attaining and Appraising Assets

The executor will then be in charge of locating the deceased’s assets and appraising the value. Many courts will appoint an appraiser to assist in the process, but in many cases, the executor can name someone they would like to use as an appraiser. Once these assets have been located and appraised, the executor must identify and seek out any debtors that the deceased had and settle their debts. The executor can petition the judge should they feel a claim against the estate is not valid, leaving it for the judge to decide on the validity of the claim and if it should be paid. An attorney can help with protecting the estate against fraudulent claims among other issues that can arise during the process.

Releasing the Remaining Estate

Once all debts have been paid, the executor then must petition the court to release the remaining estate to the beneficiaries as stated in the will. This can involve things such as setting up trusts for minors who cannot own property, as well as selling larger assets such as homes if the will dictates the proceeds from the sale of the property should be distributed amongst the beneficiaries.

Apr 14 2020

Why You Should Consider Setting Up a Trust Fund for Your Children

Why a Trust Fund Instead of a Savings Account?

While it is perfectly fine and quite common to save for future emergencies with the help of a savings account, this might not be the best way to secure a financial future for your children. When opting for a savings account, you must keep in mind that there will be fees associated with the account, such as bank fees and taxes. However, by opening a trust fund instead, you can reduce your tax liability significantly as well as place stipulations on trust in regards to how the money is doled out.

Financial Security is Not Just for The Wealthy

Contrary to what you might believe, you don’t have to be a millionaire in order to hire a financial advisor. In fact, because you are not extremely wealthy, that should be even more of a reason to set things in place that will secure your future later on. While the initial set up fee can cost a couple of thousand dollars, the guidance that you will receive from a professional finance expert can be well worth it. Also, for a small percentage, you can even have your advisor manage your entire estate as well.

Benefits of Setting Up a Trust Fund

Although most people’s estate planning goes as far a writing a will, this might not be enough to ensure your children are protected. Generally, once a person is deceased, their assets will have to go through the probate process. However, with a trust in place, you can typically avoid this lengthy and stressful process by having your assets distributed by a trustee according to your stipulations. While talking with a financial planner, you should also consult with an estate planning lawyer in Las Vegas as well.

Apr 07 2020

Factors to Consider When Setting Up a Legal Document Such as a Trust

What to Consider Before Setting Up a Trust

Creating a legal document for financial planning is one of the most beneficial things you can do for your family. In particular, a trust is an important document for estate planning in the event that you are unable to handle your affairs. While creating a trust is not difficult, there are certain factors you must consider before setting one up.

Why You Need a Trust

First and foremost, you should consider the need for a legal document like a trust. If you were to fall ill or become disabled, you might be unable to manage your estate on your own. Obviously, if you were to pass away, you would have to rely on a power of attorney to manage your property and finances as well. A trust is essentially an insurance policy of estate planning in ensuring that your family is protected. Your assets and property are transferred to a trustee to manage on behalf of your family members. It protects the future of your loved ones.

Laws and Rules of Trusts

A trust administration lawyer in Las Vegas should understand all the laws and rules of this legal document. It’s important to know how the validity, construction and administration of a trust works. Validity involves laws specific to your state. Rules, meanwhile, may make a trust invalid if you move to a different jurisdiction. However, once you learn how to create this legal document, it becomes easier to create another trust.

Parties of a Trust

Another thing to consider is who you name as the parties of your trust. Generally, this legal document requires a trustee, grantor and beneficiary. The trustee is the person who manages the property if you are unable to do so yourself. The grantor makes decisions that involve choosing the type of trust, appointing a trustee and naming beneficiaries to the property and assets. They also transfer assets into a trust. The beneficiaries are those who eventually receive the property and assets in the event of your death.

These factors should always be considered before creating a trust. Once you do that, you will be in a good place for creating the document.

Mar 31 2020

How to Fairly Allocate Assets Between Multiple Children

How to Allocate Assets Among Your Dependents

Deciding how to allocate assets among your children or other dependents may be among the toughest estate planning decisions a parent will make. While most parents choose to divide their assets equally among their dependents, you could choose to leave everything to a single child or leave nothing to your children at all.

Allocate Assets Based on Need

There’s a good chance that not every child is going to be interested in running the family business or inheriting the family home. Therefore, you may hand the business to the child most capable of running it or hand the home to the child most capable of maintaining it. A child who makes less than his or her siblings may need more money to survive, which means that he or she could benefit most from a lump sum of cash when you pass.

You Might Be Able to Leave a Child Out

Let’s say that you are estranged from a son or daughter at the time of your death. It may be possible to cut that person out of your will or trust, and that child may have little or no recourse to challenge how you decided to allocate assets between your heirs. A trust administration lawyer in Las Vegas may be able to explain the rules of disinheriting a child in Nevada.

Take Time to Discuss Your Plan

It is generally a good idea to discuss your estate plan with your children prior to passing on. Even if your children don’t agree with the plan, understanding your intentions may minimize the chances of a legal challenge or other family drama after your death. Doing so also allows you to tell family members where important documents are so that they can be used to settle an estate in a timely manner.

Mar 24 2020

Why It’s Important to Create a Will as a Single and How to Go About It

Why and How to Create a Will as a Single

When you don’t prepare a will, your estate could become property of the state. You should create a will as a single to ensure your estate is distributed the way you want. Common aspects of one’s estate that many singles forget are their pets and digital assets. You want to make sure your pets find a loving home and your digital assets are handled in the way you want. A will is essential for all people regardless of marital status and wealth.

You Don’t Need to Be Rich to Create a Will

Some people make the mistake of not writing a will because they don’t have a lot of assets or a high net worth. However, you may still want some of your belongings to go to a specific person. Maybe you want your electronics to go to your son, or you want to leave your book collection with your best friend. In a will, you can also outline important information in taking care of your pets.

What to Consider When You Create a Will as a Single

To create a will as a single, you need to name an executor and plan how you want your assets or any important belongings distributed. If you have a business, remember to clarify what you want done with it after your death. Choose who you want to take care of your kids. In Nevada, your will needs to be signed by two witnesses who don’t receive benefits from your will. Examples of digital assets you can include in your will are loyalty points, airline miles, cryptocurrency, music library, picture library, video library and self-published books.

An estate planning attorney in Las Vegas can help you correctly write a will and remind you of any important things to clarify that may not have crossed your mind. You are able to modify your will as circumstances change as well, so you don’t need to worry about it being set in stone.