An effective estate plan is the best way to protect your assets, reduce tax obligations, avoid probate and provide financial security and peace of mind to your family. For over twenty years, Drizin Law‘s estate planning attorneys in Las Vegas helped families in Nevada ensure their final wishes are followed and inheritances are properly disbursed without complications, unnecessary drama or hefty probate fees.
Many people think estate planning is just for the wealthy, but any reputable Las Vegas estate planning lawyer will tell you that wills or trusts can be executed for estates of all sizes.
What happens if there is no will?
The Intestate Laws of Nevada will be applied to your estate if you fail to execute a will or trust. Your property may be inherited by your spouse or, if you have no spouse, given to your child/children. If you have no spouse or children, your parents or siblings may be the one to inherit your estate.
What’s the difference between a will and a trust?
Your estate planning lawyer must be able to explain this in detail. To make it simple:
- A will is a written document that becomes effective upon your death. You can revoke or change your will during your lifetime. In your will you can name the beneficiaries that will inherit your assets.
- A trust is a document that outlines how you wish to distribute your assets. Unlike a will, your real property and investments can be placed inside the trust. The trust document governs who has access to the trust assets.
Will my estate be probated if I have a will?
Yes, on the other hand, if you elect to set up a Nevada trust, you can effectively transfer your real estate property into the trust and can avoid the probate process.
Is there a way to hold my real estate with my spouse so that my property does not have to be probated?
Many couples elect to hold property as Joint Tenancy with rights of survivorship. In this way, if your spouse dies, the property would automatically transfer to the living spouse. However, there are some significant drawbacks to titling real property this way.
Do I need any other documents besides a will or trust?
Yes, our estate planning attorneys recommend executing a health care power of attorney which designates an individual that you trust (the “health care agent”) to make healthcare and medical decisions on your behalf. This document allows the healthcare agent to make decisions about life support, in the event you lose the ability to make decisions for yourself or if you can no longer speak for yourself.
Anyone could experience a sudden accident or a serious health issue and not be able to speak for him or herself. It is particularly important to make clear, in writing, what your desires are should the time come when you are unable to communicate them yourself.
You can trust our estate planning attorneys in Las Vegas to help you with your estate plan and avoid any difficulties.