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Las Vegas, NV Probate Law Blog

4 specific duties an estate executor must address

While a particularly close loved one was still alive, he or she may have approached you about taking on the role of executor for his or her estate. Perhaps you felt caught off guard or honored by the request, but either way, you chose to accept this position. You may not have given much thought to the amount of work that goes into handling the necessary duties associated with acting as executor, and now that your loved one has passed, you may wonder what you are in for.

Though you know that an executor ensures that the estate properly moves through the probate process as necessary, you may not know what specific duties that action entails. There are several actions that you will need to address with careful consideration in hopes of making sure that you complete the tasks correctly.

Is your new business in need of a partnership agreement?

Now that the time has come to get your new business up and running, you could not feel more excited. You and your future partners may have had the idea for your company for a considerable amount of time before finally reaching a point at which your ideas could become a reality. Of course, before you can open your doors, you will likely need to get the finer details in order when it comes to how your company will run.

Though working with other individuals may have been the idea from the start, you may want to remember that working with partners does not always mean that operations will run smoothly. Certainly, disagreements may come about, but you could take steps to help everyone remain on the same page. Creating a partnership agreement may be one of those steps.

Don't limit yourself when forming your LLC

Getting a business going is not a job for the fainthearted. It takes a lot of hard work and maybe even some blood, sweat and tears. If you are wanting to form an LLC in Nevada, do not limit yourself by not having the right tools in your arsenal and the knowledge needed to get it done right.

Compared to setting up other types of business entities, forming an LLC may seem like a walk in the park. There are several basic steps that you will have to complete. What are they and how will you be certain you have done everything you need to do?

Stay focused on justice in distracted driving situations

Driving in Nevada is not all that different from traveling through any other state in that there are many times when heavy traffic causes delays. It's also true that the more cars sharing the roadway with you, the higher chances are of you becoming involved in an accident. Many things can impede your ability to reach your destination, such as inclement weather or roadway conditions, as well as reckless or distracted drivers. The latter often cause accidents that result in catastrophic, even fatal injuries.

Knowing ahead of time how to avoid distracted drivers and where to turn for help if needed may increase your chances of avoiding a collision. If you see someone exhibiting behavior behind the wheel that causes you concern, you may want to steer as clear as possible from his or her vicinity. In fact, it may even be possible to pull off the road and notify appropriate authorities if a problem arises.

Do you have reason to create a noncompete agreement?

As a business owner and employer, you know the importance of running your company in a unique and efficient manner. In order to do so, you may have come up with certain trade secrets that allow your business to stand out from other competitors in the same industry. Because the leaking of vital information can prove detrimental to your company, you likely want to take steps to protect your trade secrets as best as possible.

In order to add an extra layer of protection, you may consider creating a non-compete agreement. By creating this type of agreement and having your employees sign it, you may have less worry when it comes to former employees spilling secrets to competitors.

With tax reform likely, is a business entity change needed?

We have written before about how important it can be to have an experienced attorney's help when trying to get a business up and running. In one previous post, we highlighted how that help is not only important at the outset, but can be beneficial as the business grows.

Market circumstances in Nevada do change and with each shift comes the possibility that plans must change to meet current legal requirements. No one can anticipate every eventuality, but there are times when you can see a change on the horizon. The question then becomes do you wait to see what happens or do you try to develop contingency plans.

Helping a parent with financial and estate planning

Nevada residents who have older parents may want to start thinking about how to help them manage their finances. Ideally, a conversation about this topic will be held sooner rather than later. This may make it easier to understand a mother or father's financial goals or how their health care needs may impact their financial situation as they age.

To make things easier on both the parent and child, it may be a good idea to setup automatic payments. This ensures that the mortgage, utility and other essential payments are made regardless of a parent's physical or mental health. Being designated under a durable power of attorney may allow an adult child to make certain financial decisions on a parent's behalf without needing to become his or her official guardian. Obtaining a health care power of attorney may also be beneficial.

Why it is vital to have a will

Nevada residents may be interested in reading about a survey that showed that more than 50 percent of Americans who have reached the age of majority do not have a will. While many people think the topic is depressing, end-of-life planning can financially assist an individual's loved ones and could help them avoid emotional stress as well.

A will also serves as a way in which people can pass their belongings onto a family member or friend of their choice. People tend to think they do not need a will because they do not own anything expensive. However, what is left behind after a person dies may be important to a loved one, even though it has little intrinsic value. A will allows a person, and not the state via its intestacy law, to designate who gets his or her possessions.

Why is the funeral arrangement process still so antiquated?

When sitting down to sort out your family finances, it's tempting to just focus on there here and now. One thing we often forget to prepare for is the struggle that comes when you or a loved one dies.

You can never be truly prepared for death, but the process is made more difficult for us by the funeral industry itself. You may ask yourself whether enough cash was put aside for final arrangements. But answering that question might be harder than you think.

Extra considerations needed for succession planning

Many people in Nevada and other states draft wills and create various estate planning tools before they become senior citizens in order to prepare for worst-case scenarios and emergency situations. This is a smart move, but it may not be enough when unexpected events occur. An individual should add certain clauses to his or her will that will protect the estate should unlikely circumstances occur.

When drafting wills, people typically prepare for the likelihood that they will die before their heirs. However, they should consider what would happen if a loved one passed away soon after their own deaths or simultaneously. For example, many individuals leave their estates to their spouses but do not plan for what would happen if their partners die at the same time. The order of death matters in regards to estate taxes and beneficiaries. A simultaneous death clause specifies who should be considered to have died first.

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