What Is Probate? Do All Estates Have To Go Through Probate?
There are probate exemptions for very small estates. If your estate is valued at less than twenty-five thousand dollars in the state of Nevada, you can probably get away with a simple will. However, if there’s any real estate involved, it’s headed toward probate. Probate is a whole set of rules administered by a judge. The process is fairly cumbersome; even if everything goes smoothly, it could take six months. If things go poorly, can drag out for years. Notices have to go out to all creditors and all family members, and the will has to be publicly registered, so there’s no privacy.
There’s an accounting done and the whole process is fairly expensive. Essentially, all the assets of the estate become completely public. It’s not really a pleasant process and it’s quite time consuming and expensive. Estate planning really isn’t done for yourself; it is done to make your heirs’ lives easier.
How Can Someone Avoid Probate?
If your estate is more than minimal, that is when you probably want to look to a revocable living trust. It’s more work upfront but it is a lot less work for your heirs on the back end. If you want to make it easy and efficient and preserve the value of the estate for them, then a little bit of planning goes a long way.
What Is A Healthcare Directive? Why Do I Need One?
A health care directive appoints someone who makes decisions with your doctor, if you’re unable to make the decisions yourself. If you’re able to talk to the doctor yourself, then no piece of paper is going to get in the way of that. You have full control over your own health care. If you are suffering such that you can’t make your own decisions, then it allows someone you trust to work with that doctor to make the best decisions for you. It also allows you to let your wishes be known about how you feel about life support.
How Often Should I Review My Estate Plan And Make Updates If Necessary?
Your estate plan should be reviewed at least every couple of years. If there are major life changes, you should review it right away. Some of the common reasons that estate plans need to be updated is a birth, a death, a marriage, or a divorce. As life changes, you may need to make some small adjustments.
What Changes Should I Make To My Estate Plan If I Get Remarried?
When you’re remarried, sometimes it’s two people remarrying. Each of you comes into the marriage with their own set of property. You begin building a life together and you’ve got new marital property. You’ve got two or three sets of children. Different people want to handle that in different ways. Some people treat them all the same and lump all the property together. Other people, even though they’re married, still want to make sure that their own children from the prior marriage are adequately protected.
Separate property can be divided up in a certain way such that separate property goes to one’s own children or partially to the surviving spouse and partially to their own children. There are so many options. A good attorney can walk you through all the possibilities and then guide a couple toward making sure that everyone is happy and protected.
For more information on Probate In The State Of Nevada, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (702) 829-7222 today.
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