Las Vegas Probate Law Blog

People in Nevada know that there are many things to consider as they enter into the estate planning process. Some of those who begin estate planning look to the commonly used tools such as wills and trusts to help make the disposition of an estate easier on their loved ones when they die. These tools are available to all sizes and values of estates and can be customized to fit each individuals needs.

However, some in Nevada may be surprised to learn about a recent case heard by the highest court in the nation. This case involved the trustee's handling of assets that were in a trust established by the parents of three daughters. When they died, two of the daughters became trustees of an estate that included a trust funded by a pour over will. A pour over will is one that is funded by assets that come into it from a will when an individual passes away, though it has no assets until that time.

Estate planning has taken an interesting turn as culture shifts towards greater digital dependency. Entire lives are documented through photos, emails, and social network sites. This brings an interesting question to light for Nevada readers in the event that one passes away and their digital property is not specifically mentioned in their estate planning. What happens to their digital lives after they are gone?

The mega search engine Google is now offering a type of digital estate planning for those who have things that they wish to preserve after they are gone. This would enable a user to input into an account manager what they wish happen to their accounts after a time of inactivity has passed. Nevada readers will note that the primary account holder would indicate if they wish for their digital belonging passed to another person or simply deleted from cyberspace.

Many people in Nevada are aware that there are important reasons to enter into estate planning. These include the limitation of costs for an estate and the desire to avoid the probate process. Some may consider creating a trust that can be used both while an individual is alive and after their death. In fact, a trust administration after an individual's death can allow an estate to avoid probate all together.

This avoidance of the probate process most often occurs in Nevada when a person creates a living trust while they are alive. This type of trust has the creator place all of their assets into the name of the trust, sometimes referred to as funding the trust. Any asset left outside of the trust may be subject to probate.

People in Nevada sometimes forget that, even if they are young, it is important to begin the estate planning process. This is especially true for parents of young children. By using available estate planning tools, parents can ensure that their kids will be cared for should the unthinkable happen and they are left without them.

Parents of young children in Nevada can use estate planning tools to appoint a guardian for their kids should they become unable to care for them. In addition, some may find it helpful to create a trust for the care and maintenance of their children in the event of the death of their parents. Such a trust can be governed by an appointed individual called a Trustee. This person is not always the same as the one that is appointed Guardian of minor children.