In Nevada, the probate process could lead to unwanted delays for families. It is necessary for all estates of a significant value. The process allows all creditors to address outstanding balances and request settlement. An attorney helps estate owners identify options to reduce the impact of probate in Las Vegas, NV.
Creating a Will
A will provides the estate owner’s final wishes. The estate owner uses this document to assign ownership of properties and assets. They can also apply provisions for these assignments. This may include guardianship for minors and restricted access to trust funds. An administrator manages the distribution of these assignments.
Setting Up Provisions for Outstanding Debts
Estate owners may set up a separate account to manage their debts. They can add provisions in their will to settle all outstanding debts. This could prevent seizure of key properties or assets during probate. The attorney helps the estate owner create documentation to provide to the court.
Decreasing the Value of the Estate
The most vital part of estate planning is the reduction of the estate’s value. This value could determine the tax implications for the estate owner’s heirs. The first step is to transfer ownership of select items of higher value. The owner could transfer ownership to the assigned beneficiary, with provisions. This could provide a separation from the estate without moving control of the property out of the estate owner’s hands.
Setting Up an Irrevocable Trust
An irrevocable trust allows the transfer of monetary assets and property out of the estate. The attorney helps the estate owner maintains control over the trust during their life. Together, they identify a new owner through the creation of the trust. This way, their spouse maintains control over the trust after their death and they can always make changes if they prefer.
In Nevada, the probate process could tie up the administration of a will for several months. The process requires adequate time for creditors to collect outstanding balances for verified debts. An estate plan could present the estate owner with heightened protection against creditors. Estate owners who wish to create plans for probate in Las Vegas, NV, should contact Grant Morris Dodds or browse their website for more information.