Nevada Estate Planning Attorney – Living Trusts and More
You have worked hard to build an estate. And you want those assets to pass to your heirs in a certain way, at a certain time. To ensure that this happens, whether or not you live in Nevada, estate planning is critical.
In addition to directing the desired inheritance of your assets, it is important to address healthcare issues in the event of incapacity with a durable power of attorney for healthcare decisions. If you cannot make healthcare decisions for yourself, who do you want making those decisions? And what about life support?
A comprehensive estate plan will address all of these issues and more. Estate planning documents include wills, trusts, powers of attorney for healthcare decisions, powers of attorney for asset management, and medical directives.
Living Trusts – For More Than Avoiding Probate
Family Trusts Form the Foundation of Your Estate Plan
A revocable living trust forms the foundation for a solid estate plan. This type of trust not only helps avoid the probate process, but is flexible enough to leave your estate to beneficiaries either outright upon your death or in trust with the restrictions and guidance that you want. The revocable family trust can also be used to lay the foundation for special needs planning, charitable planning, and legacy planning. Protect your legacy with the proper trust.
Avoiding Probate in NV
Under Nevada’s probate laws, assets that are held in an individual’s name alone, without a proper beneficiary named (eg. payable on death account), will likely be subject to probate estate administration under the supervision of the probate court. The probate process can take up to a year or more to complete. A trust is an excellent way to avoid this court process.
Asset Protection Planning
While it is a common misconception that placing you assets in a revocable trust can protect your assets from your creditors, it is true that these assets are protected from the creditors of your other beneficiaries. trust with the restrictions and guidance that you want.
Wills – Don’t Let the State Decide How Your Estate Will Pass
Affordable Last Will and Testament
If you don’t have a trust, you can direct where your assets go through your will. If you do, a pourover will, one that names the trust as its beneficiary, is a must in order to act as a safety net to ensure that all your assets make it to the trust. And as of 2021, if you have a pourover will, under Nevada state law a probate may still be avoided under the set aside statutes.
Wills are important planning tools. If you die without a will, you passing away “intestate.” Will also allow you to name guardians for minor children.
To be enforceable, a notary public will notarize the will that is witnessed by two disinterested persons.
Healthcare Power of Attorney – If You Become Incapacitated
If you were to become incapacitated or incompetent, who would you want to handle your medical affairs, that is to deal with the doctors, hospital, and other healthcare providers on your behalf? What decisions would you like to see made regarding your healthcare? An up-to-date Power of Attorney for Health Care Decisions lets you name who you want to make these important decisions.
Living Will – When Life Support is No Longer Wanted
Also called a “Medical Directive” or “Physicians Directive,” the Living Will lets you tell the doctors and your loved ones what you would like to have happen in the event you are on life support and there doesn’t look like much of a chance of coming off of it.
Asset Powers of Attorney – Completing the Puzzle
This financial power of attorney gives someone the ability to handle assets and financial affairs for you if you are incompetent and such assets are not otherwise held in a living trust. The person named as trustee can manage the assets in the trust. But, for assets not in a trust, you need a Power of Attorney for Asset Management. There are two types: a general durable POA and a springing POA. The latter becomes effective upon incapacity.
What can a Nevada estate planning lawyer do for you?
The accuracy of these documents is critical to your estate plan and peace of mind. If you live in southern Nevada, using experienced Las Vegas and Henderson estate planning counsel is a big step in that direction.
And if a trust makes sense for your situation, then a dedicated estate planning law firm will help you understand the different types of trusts and all of the various provisions that can be used to accomplish your goals and safeguard your wealth.
What about “Do-It-Yourself” Wills and Trusts?
People want to save money. That is understandable. I do too. But what people do not fully appreciate is that estate litigators, that is lawyers that contest wills and trusts, love “do-it-yourself” legal documents. What that means is that you may save a little money creating the will or trust, but if it is not done correctly, much more money will be spent fighting about it in court.
With a D-Y-I estate plan, someone may find it easier to claim that the document was the result of undue influence, signed under duress, or the signer was not of sound mind. Litigation often comes when a beneficiary or beneficiaries have been disinherited or you give everything to just one of your heirs.
In addition, having a a Nevada estate planning attorney prepare the estate planning documents gives you another key witness that can testify that the documents do, in fact, represent your desires.
Other Considerations
Certificate of Independent Review – And under Nevada estate planning law, if you give anyone more than they would have received under the intestacy laws, that gift may be presumed void unless you have a Certificate of Independent Review by an attorney.
Federal Estate Tax – A goal of estate planning may be to minimize federal estate tax that is owed upon death. Whether an estate tax return is due upon death is determined upon the value of your assets at death.
Joint Tenancy – While holding property as joint tenants bypasses probate action upon the first joint tenant’s death, it really just delays the probate until the second death. And upon the first death, an affidavit terminating joint tenancy must be recorded with a death certificate.
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To meet with an estate planning attorney in Las Vegas or Henderson, call for an initial consultation.
(702) 894-4110