Apr 16 2019

What You Can Do to Avoid Probate

Main Options for Avoiding the Probate Process

When you die, your assets and overall estate will be sent to your beneficiaries if you’ve created a will. However, it’s possible for these assets to be placed in a probate process before this occurs, which can lessen the amount of assets that are available for beneficiaries. If you want to be able to reduce the amount of your assets that will be sent through probate after you pass away, there are a variety of options that will help you do so.

What Is Probate?

Probate is a court-supervised process that involves the distribution of a person’s estate once they die. The probate process is designed to ascertain what the wishes of the deceased are while also distributing any property and paying off any incurred debts. An executor of the will and trust will overlook the probate process, which begins with an authentication of the will. The property and assets will then be inventoried, which is followed by the identification of any beneficiaries and heirs. Before the property is distributed to beneficiaries, the debts and taxes that the deceased still owed will be paid.

What Are Probate Exemptions?

One way to avoid probate is to do so through a probate exemption, which is possible for smaller estates that only have a certain amount of assets in them. In California, estates that are worth less than $100,000 don’t need to be taken through the probate process, which allows beneficiaries and heirs to receive the property immediately.

What Are Primary Options for Avoiding Probate?

If your estate is higher than $100,000, there are several ways to avoid probate. For instance, you could create a living trust, which transfers property and assets over to another individual until the original owner dies. The property is then provided to beneficiaries without going through the probate process. Other options include naming beneficiaries to certain accounts or entering into a joint tenancy. If you have yet to take the necessary steps to avoid this unwanted process, a probate attorney in Las Vegas should be able to assist you in doing so.

Apr 09 2019

Making Probate Proceed More Quickly

How to Speed Up the Probate Process

Probate is a difficult process and can take an inordinate amount of time for everyone involved. However, there are things that you can do to make the legal process unfold quicker which will lead to closing the estate more rapidly.

Have the Proper Documentation

When you file for probate, you will need to file a petition with the court. You will also need to file a list of all known assets and creditors. It is important that you not only have documentation of everything but that this evidence be comprehensive and understandable. Any discrepancy in the paperwork or gaps in the filing can cause additional delays in the process. Go over your documentation multiple times to ensure that it is accurate and that you are not missing anything when you file.

Hire an Experienced Attorney

There are many pitfalls that can slow down the probate process that can be avoided if you retain a counsel who is familiar with the process. The estate planning attorney in Las Vegas can help handle all the filings and interface with the court as well as all the interested parties. While this may not persuade a court to move more quickly through probate, it will help you avoid errors that can slow down the process and drag out what is an already lengthy process.

File an Estate Tax Return Quickly

Nothing can happen with regard to closing an estate until the IRS gives the go-ahead to do so. The tax year for an estate begins on the date that the deceased passed away. Filing an estate tax return removes one roadblock from the process since it may take the IRS fair amount of time to respond to the filing. Getting this step out of the way as soon as possible can help get an estate through probate faster. If it is established that the estate owes taxes, it will delay the process so figuring out tax liability issues as soon as possible can remove the delay.

Mar 26 2019

How to Plan for Assets Held in Foreign Countries

Estate Planning When You Have Foreign Assets

Buying a home in Europe or South America may provide you with a place to stay while on vacation. It could also act as an investment that can make money today and in the future. However, before buying any type of property overseas, it is important to speak with an adviser to learn more about how it may impact your estate plan.

Some Countries Don’t Recognize Trusts

A trust administration lawyer in Las Vegas may help you determine how to structure the document to best meet the needs of your beneficiaries. However, this person may also be able to provide more insight about what to do about foreign assets held in countries that don’t recognize trusts. He or she may be able to reach out to legal counsel in those jurisdictions to help you create a way to meet your needs and the needs of your heirs.

You’re Taxed on All of Your Holdings Worldwide

It is important that you tell your attorney or estate planning professional about your overseas holdings. This is because the IRS will include them in any calculation of your estate’s total value. If overseas property could trigger an estate tax bill or other potential financial issues, you should plan for them as soon as possible. This may result in selling a home or car or gifting it to another person prior to your passing.

Have a Team of Advisers in All Countries Where You Have Property

It may be to your benefit to have a team of advisers in the countries where assets are held. They will likely be able to provide insight about how to shield them from taxation or the best way to probate those items. If necessary, they may be able to create wills or other documents tailored to estate planning laws in that nation.

Mar 19 2019

When You Should Think About Challenging a Will

Reasons to Consider Challenging a Will

When you suspect that there’s an issue with the will of someone you were close to, it’s possible to challenge the will. However, doing so is exceedingly difficult. Since the person who created the will is no longer able to speak about their wishes, it’s likely that the courts will be very stringent on sticking to what is written in the will. There are times when it’s possible to challenge a will. If you’re successful with your case, some aspects or all of the will can be voided.

Possible Fraud or Forgery

Among the most common reasons that a will is successfully challenged is because fraud or forgery was involved in the creation of the will. If you can prove that a will was created under the undue influence of another individual or because of forgery or fraud, you may be able to have the will voided. If a vulnerable individual was influenced into changing parts of their will, this could be cause for challenging the will.

Testamentary Capacity

This is a term that refers to the capacity that an individual has to create and execute a will. All adults are automatically presumed to have the capacity to do so. However, the testamentary capacity of the individual who created the will may be challenged if you believe that this person suffered from insanity, senility, dementia, or any condition that caused them to lack the mental capacity to create a will. When creating a will, the person doing so must have full understanding of all that the will entails.

Insufficient Witnesses

In most areas of the U.S., there must be two adult witnesses who saw the testator date and sign the will. These witnesses must not be a beneficiary of the will. If they are, it’s possible that the portion of the final estate that they were set to receive could be voided. If you believe that you have a reason to challenge a will or are looking to create a will for the first time, you might want to request the services of an estate planning lawyer in Las Vegas to make sure that mistakes aren’t made during the process.

Mar 12 2019

Issues to Look Out for Throughout the Probate Process

Problems That Can Occur During the Probate Process

Probate is a lengthy process that occurs in probate court and involves everything from creditors making claims on the estate to certain taxes being taken from the assets. The probate process can last anywhere from a few months to a couple of years to resolve depending on the disputes that occur during the process. If you want to make sure that the process takes as little time as possible, you should be aware of the problems that can occur during this process.

Disputes Pertaining to Validity of the Final Will

If someone believes that a will is invalid, they may dispute the will during the probate process. This is a fairly common problem that’s handled by the probate court. No matter the reason for this claim, it can hold up the proceedings until the claim is investigated. If some proof exists that certain aspects of the final will are invalid, corrections will need to be made before probate on the will can come to an end.

Property Value Disputes

If there are questions about how much a certain asset within the will is worth, a property valuation may be taken to provide a precise answer to this question. These disputes may center around estate taxes or property division. Whatever the dispute, it’s likely that expert witnesses will be brought in to help determine the value of an asset or two, which can assist in resolving these disputes for all parties involved.

Questions About Additional Wills

It’s possible for claims to be made that state that an updated will exists from the one that’s currently going through probation or that a will has actually been lost. These claims can complicate the process and may cause it to become substantially delayed until the claims can be verified. If you’re a beneficiary of a will and find that issues are occurring during the probate process, you may wish to contact a probate attorney in Las Vegas to better understand what’s going on.