How the Probate Process Works

If a Nevada resident dies, their estate must be settled through probate when their assets are more than $20,000 or if it includes real estate. Probate is a legal process that happens in court. The goal is to settle the deceased’s financial, real estate, and final affairs based on their will.

While you may be able to manage probate matters yourself, it’s best to hire an estate planning lawyer. Probate matters can be complex. Besides sorting through legal issues, a lawyer can protect you if there are problems with creditors or competing heirs.

When to Start the Probate Process

You should start the probate process as soon as you can. By law, you must present the will to the court no later than 30 days after a person’s death. A lawyer can file for you.

How Long Does It Take to Settle an Estate?

According to the State Bar of Nevada, probate matters can take four to six months to resolve. That’s because certain notices may need to be published, and any creditor issues may need to be handled. Complex probate cases can take more time.

Have a Probate Partner

Even with small estates, probate can involve many difficult legal transactions. Often there are many outstanding issues such as creditors, real estate deals, and competition between heirs. It’s important to retain an estate planning lawyer in Las Vegas that can navigate you through this process. The death of a loved one is an emotional time and a reliable lawyer can relieve some of the stress and ensure the best outcome.

Why Create a Will If You Don’t Have Kids?

A will is an estate planning document that takes effect after you have passed away. It can dictate who gets your assets as well as allow for items to pour over into a trust. While probate may have a bad reputation, it doesn’t necessarily take a lot of time or money to complete this process. This may be especially true if you have a will, which may be one of the biggest reasons to make one even if you don’t have kids.

You Still Have Affairs to Tend to Even If You Don’t Have Children

You may feel as if a will is useless if you don’t have children to pass assets to. However, a will can include a list of digital assets, where to find them and who should manage them. The document could also include information as to where a trust is located or where financial records may be hidden. This can be helpful to grieving family members or others who are responsible for settling your estate.

Don’t Let the State Determine Where Your Things Go

Without a will, the state has greater say over who gets your belongings. Generally speaking, your spouse, kids or parents will get access to bank accounts or other assets that you have at the time of your death if you die intestate. Therefore, it’s possible than estranged family member gets an item that you would rather a close friend or colleague have.

An Attorney Can Talk More About the Benefits of a Will

An estate planning attorney in Las Vegas may be able to provide more information about the benefits of will regardless of your family status. He or she may also be able to help you create a will or review one that you have already created.

What to Consider Before Creating a Trust

You may have been told that you should have a living trust as part of your estate plan. While this may be an effective way to meet your goals before and after you pass, it may be possible to protect your interests without a trust. Let’s take a look at the potential pros and cons of using this estate planning tool.

Why Should You Create a Trust?

Perhaps the best reason to create a trust is that its terms can take effect as soon as the document is executed. The terms of a will don’t take effect until after you pass on, which could make you vulnerable if you’re ever mentally incapacitated. Other potential benefits of a trust include the ability to keep assets away from creditors or away from a child’s spouse if your son or daughter were to get a divorce.

When Are Trusts Not Worth Creating?

Trusts may be less than ideal for those who could pass their assets through a beneficiary designation or similar tool. You may also want to avoid a trust if you’re comfortable leaving assets directly to your adult children or other beneficiaries. It is also worth considering that trusts can cost thousands of dollars to establish and fund.

How to Learn More About Trusts

A trust administration lawyer in Las Vegas may be able to talk more about the pros and cons of creating a trust. If you do decide to create one, a lawyer may be able to act as a trustee. This can be beneficial if you don’t have anyone in your life who is responsible enough or willing to oversee your estate. It may also be possible to have both a trusted friend and an attorney work together to manage your assets after you are gone.

The Unfortunate Reasons Why Some People Don’t Create Wills

Most people understand that in order to protect their family in the event of their untimely demise, it’s a good idea to meet with a trust administration lawyer in Las Vegas to have a will created. A will ensures that your assets go to the right people after you pass. However, many people put this task off or avoid it entirely. Here are some of the unfortunate reasons why people don’t create wills.

Uncertainty About How to Divide Assets

For many people, the decision on how to divide assets is simple, as they plan to divide their assets among their children equally. However, the decision of how to divide assets can be more complicated among some individuals. For example, individuals with special needs children often feel like they have to put the majority of their money into their child’s long-term care. In other scenarios, internal family conflict makes the decision on how to divide assets quite complicated. Many people don’t want to have to deal with these difficult decisions and therefore avoid the task entirely.

The Depressing Nature of the Task

It’s sad to think about the fact that you might not always be around. Many people avoid meeting with a lawyer to create a will because they don’t want to think about their own demise. While it’s certainly depressing to think about, the fact of the matter is that we all will die one day. It’s best to take action now to ensure that your loved ones are cared for and that your assets are protected.

Take Action Sooner Than Later

There are tons of reasons why people avoid writing their will. However, you never know what tomorrow could bring and tragedy could strike. The sooner you write your will, the sooner you’ll have the peace of mind that comes with knowing that your loved ones will be protected in the event of your demise. It’s never too soon to take precautions.

Estate Planning for Someone with Dementia

Estate planning for someone who is at any stage of dementia presents different issues than would the average estate plan of an aging relative. Their declining capacity to comprehend and sign the documents means that you need to act quickly and plan ahead.

Legal Capacity

For any document to be legally binding, the person who signs it must understand exactly what it is they are signing. When someone has later stages of dementia, they will likely lack the legal capacity to sign a document since they do not comprehend what the document is saying or the ramifications of it. This means that any changes to the estate plan must be done when the person is in the early stages of the disease. If there is no estate plan or it needs to be updated, you should act immediately after the person is diagnosed.

Durable Power of Attorney

You will want to designate someone who has the ability to make decisions for the person since they will no longer be able to make their own decisions both in the area of healthcare and finances. If there is nobody with this decision-making ability, the court may have to appoint a guardian as the person’s condition deteriorates. You should find someone who is responsible and trustworthy and knows the wishes of the person with dementia so that the power of attorney can reflect their wants. You can lay out the scope of the power of attorney in advance.

Check the Will

An estate planning lawyer in Las Vegas can help you review the will since the time for making any changes will likely be limited. Certainly if there is no will, right after the diagnosis would be the time to put one together. Given the possible legal issues that will be involved, it is best to work with an attorney to ensure that any estate planning decision cannot be challenged at a later point in time. Make sure that the will is current and reflects the wants of the person with dementia because it will be not changeable past a certain point.