Wills, Trusts, Estates & Probate
LAS VEGAS, NEVADA WILLS AND TRUSTS LAWYERS
Pour Over Wills
General and/or Specific Powers of Attorney
Health Care Powers of Attorney
One of the most important things that you can do in your life to preserve and to pass on your wealth to your family is to create an effective Estate Plan. A Nevada will allows you to take care of your spouse, children and other family members after your death. Roger P. Croteau & Associates, Ltd. can help you create a valid legal Nevada Will in a short period of time.
A will is a legal document created by you to determine how your property is distributed after your death. Subject to some notable exceptions, Nevada laws allow you to dispose of your property as you wish. In addition, a will can be used for the following non-inclusive list of purposes:
* To designate a guardian for any minor children;
* To name a personal representative to handle a decedent's (the person who died) property and affairs from the time of death until an estate is settled; and,
* To create a trust for the care of your pets.
While a Will is what the average individual thinks of when contemplating an estate plan, there are many other important aspects that probably should be a part of your Estate Plan. An effective estate plan also ensures that your desires are adhered to and that your estate is protected in the event that you become incapacitated. An effective Estate Plan that will properly protect your interests during your lifetime as well as the interests of your family following your death may include the following:
A Living Trust is one of the primary components to an effective estate plan. A properly formed and funded Living Trust can avoid the probate process altogether and will serve to preserve the value of your estate. Just as with a Will, the Living Trust will spell out "who gets what" in the document and that will ordinarily happen without any court involvement at all.
NEVADA SPENDTHRIFT TRUST
A Nevada Asset Protection Trust (Nevada Spendthrift Trust) can also play an important part of your estate plan. Unlike an ordinary Living Trust, a properly established and maintained Nevada Asset Protection Trust can protect the assets that are held by the Trust. Just as with an ordinary Living Trust, the assets that are held in the Nevada Asset Protection Trust will avoid the probate process and will have a plan of distribution upon your death. A Nevada Asset Protection Trust can also peacefully co-exist with a Living Trust and other estate planning devices.
A Living Will (also known as an Advanced Health Care Directive) is a document that lets you decide whether you would like to be kept on artificial life support if you are ever permanently unconscious or otherwise dying and unable to speak for yourself. For example, if medical treatment would only prolong your death, you may specify that treatment be halted. Roger P. Croteau & Associates, Ltd. can prepare a document to suit your particular needs and wishes.
POWER OF ATTORNEY
A Power of Attorney is a document that gives someone you trust the legal authority to act for you in the financial matters that you choose. For instance, if you are away on a long vacation or if you become mentally unable, you may need a Power of Attorney in place so that someone can take care of your financial matters.
Probate is a long, time consuming and expensive process. After a person with a will (testator) dies, probate proceedings prove the validity of the Nevada Last Will and transfer property to beneficiaries. If your estate ends up in probate, your family will not only have to endure the long probate process but they will also see the value of your estate diminished from what it could be through the expenses of the probate proceeding. While a Will is a valuable tool that allows an individual to specify "who get's what" upon your death, a Will is also a ticket to probate court. In order for the terms of the Will to be legally carried out, the Will has to be submitted to probate court and the estate then goes through the statutory probate process (which is essentially the same process as for an estate, where no Will or other estate planning has been done, except that, unlike the person who died without a Will or Trust, the Will will specify who gets the proceeds of the estate at the end of the day).
The person in possession of the testator’s Nevada Last Will should deliver it to the District Court within a specified time period. However, if the testator’s estate is worth less than $20,000 and no real estate is involved, then probate proceedings of the Nevada last will may be avoided. In cases where the decedent’s property is less than $75,000 exclusive of liens, beneficiaries or heirs may petition the court to forgo probate proceedings for the distribution of assets.
If the value of the estate is greater than $75,000 but less than $200,0000, then the Probate falls into the category of a Summary Administration. Summary Administration Probates, among other things, require a Petition to be filed and attendance at one or more Court Hearings. At each Court Hearing, your attorney will present various forms of proof of the Estate's value and your right to a claim on it before the Probate Commissioner.
If the value of the estate is greater than $200,000 then the Probate falls into the category of a General Administration. General Administration Probates, among other things, require a Petition to be filed, Letters of Administration to be issued, Proving of a legitimate Last Will and Testament, if any, Filing of an Inventory for the estate, Filing of Accountings, and attendance at numerous Court Hearings.
Probates come in two (2) varieties: uncontested and contested. An Uncontested Probate is where the distribution of the deceased's assets are not in dispute, regardless of whether there is a provable Last Will and Testament. A Contested Probate is where one or more parties are challenging, among other things: validity of a Last Will and Testament, and/or; the individual(s) named as Personal Representatives, and/or; the distribution of the deceased's assets, and/or; The blood relations of an heir.
Contact us today to set up an initital consultation. During the consultation we will assess your specific situation and offer a course of action that will best fit your needs and accomplish your goals. Don't wait to take the first step toward protecting you and your family's interests - Roger P. Croteau & Associates Ltd. can help...TODAY!