Wills & Estate Planning in Las Vegas
Your Will is a vital component to any estate plan because it: (1) directs what should happen with any property that you own individually upon your passing; (2) allows you to nominate who should raise your minor children if it becomes necessary to appoint a guardian over them; and (3) appoints who you choose to be responsible for carrying out your wishes (i.e. the personal representative a/k/a executor of your estate).
Probate vs. Non-Probate Transfers
When a person dies, any property owned by the deceased person (decedent) will be distributed according to the terms of the decedent’s Will. Any property that passes through the decedent’s Will is subject to the rules and oversight of probate court. Thus, when a person dies owning property in their individual name, the person’s Will is filed with the probate court following their death and their estate must go through probate—a cumbersome court process that can take months to years and be very costly. Further, any assets that are subject to probate may be frozen for the duration of the probate process, which can be very problematic, especially if there are any business interests involved. For these reasons, probate avoidance can be one of the main objectives when considering estate planning. A couple of the most common methods to achieve probate avoidance include pairing a Will with a revocable living trust and/or designating pay-on-death beneficiaries when possible.
Who Should Have a Will?
Anyone with minor children, significant assets, or specific wishes about estate distribution and management.
To schedule your Estate Planning consultation, call us at (702) 996-6052 or contact us online today.
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