Estate Planning in Nevada
Estate planning provides a road map to accomplish unfinished business. It prevents your family from having to guess or, even worse, quarrel. Planning ahead will keep your family’s affairs private.
Without a proper estate plan, your family’s matters are sorted out publicly through the probate process.
Healthcare or Medical Direction
An estate plan can also include health care directives to give you a voice about your medical treatment when you may not be able to speak for yourself. Make sure the choice is yours.
You probably also want to control how and to whom your assets are distributed and not leave it up to a probate court to make a public decision for you. An estate plan can help accomplish your goals by you expressing, in writing, who you want to receive your assets and when you would like them to receive those assets.
Your estate plan can grow and change with you. Creating an estate plan lays out the foundation for your affairs. You can update this annually or whenever necessary as your life changes.
So many people delay creating an estate plan because they don’t think they own enough, are not old enough, or they just don’t want to think about it. It does not matter how large or small your estate is, in either case, there is plenty of unfinished business for your loved ones to take care of upon your incapacity or untimely death. Take action now to plan your estate.
Our Personalized Approach
Our team will reach out to you to go over some basic questions about your finances, your family and your Estate Planning goals.
During your consultation, your attorney will go over the entire process with you and explain each step in the simplest of terms. We aim to ensure you understand your options so we can put together the best plan for your situation.
After your consultation, our team drafts the documents required by the plan you crafted with your attorney. You meet with our team again, either virtual or in-person, to review the documents, make any additional changes and sign.
Costs are typically at the top of your concerns list before you decide on an attorney team. Rest assured, your legal team will attempt to represent you in the most efficient manner possible and may, from time to time, suggest things you can do to minimize your legal fees and costs. No one appreciates a … Read more
When Aretha Franklin died in 2018 without a legal will (intestate), she joined a remarkably long list of legendary stars, including Bob Marley, Sonny Bono and Prince, who also did the same. By simply not preparing an estate plan, she made the task of settling her affairs much more complicated and expensive for her heirs. … Read more
Last Will and Testament
In Nevada, whether you die with or without a Last Will and Testament, your estate will be subject to the probate process if your assets meet the statutory limits. and Nevada Statute dictates who can represent your estate as Administrator, and who reaps the rewards of your hard-earned assets.
Upon your death, your Last Will and Testament is filed with the Court, and becomes public record; however, if your Will is a pour-over Will, and your RLT is the named beneficiary, details of your actual beneficiaries and their distributions typically remain private. Read more.
If you are considering creating an estate plan, or would like to update your existing estate plan, we would be happy to discuss your needs
Revocable Living Trust
A Revocable Living Trust (RLT) is an effective tool for preserving privacy, eliminating the need for probate and preparing your estate for ease of transition upon your death. The RLT is established by written agreement and records the arrangement wherein you transfer ownership of your property into the Trust during your lifetime. Read more here.
For Healthcare Decisions
If you get to a point in your life where you are unable to make medical decisions for yourself, it is important to have a Healthcare Power of Attorney. Your HPOA names the individual(s) you have chosen to make medical decisions on your behalf, and to carry out your stated desires regarding life sustaining measures. By nominating an agent and making your desires known, you remove the burden from family/friends of having to make those decisions on your behalf.
For Financial Decisions
The APOA allows your nominated agent(s) to make financial decisions on your behalf, and to manage your assets, except those assets that are in your Revocable Living Trust [provisions in your Revocable Living Trust dictate how your Successor Trustee can manage Trust assets].
You can make your APOA effective immediately, or have it effective only upon your incapacity. You can also limit your agent’s powers, or grant them broad powers.
You may consider your pet part of the family and wish to ensure their care when you pass away. Under Nevada law, a pet is ‘personal property’ so, while you cannot leave money or property outright to your pet(s), Nevada law does specifically authorize the creation of a Pet Trust, in which a person can leave money for the benefit of their pet(s). NRS 163.0075
Under Nevada Statute, a person may order his or her own cremation and the disposition of his or her own cremated remains. The order must be signed by the person and by two witnesses.’ Accordingly, if it is your desire to be cremated and you do not have documentation in place with a Funeral Home/crematory, it is advisable to execute a Cremation Directive. Failure to do either could result in your family having to petition the Family Court for an Order authorizing the cremation.
If you were to become incapacitated, you most likely have a preference as to whom you would like to take care of you. Accordingly, you should have a document naming your preferred guardian, which can be a separate document, or have appropriate language in your Last Will and Testament, or Power of Attorney. Holding your assets in a RLT, and/or having appropriate Powers of Attorney for healthcare and financial decisions should eliminate the need for a guardian, however if one does become necessary, the Court looks to who you named as your preferred guardian in your estate plan.