 Nevada Probate, Estate and Trust Administration
Probate
and estate administration are the processes through which estate assets
are transferred after death. When "probate avoidance" planning has
not been implemented prior to death, the state of Nevada requires a probate court proceeding for estates valued at more than $20,000. Nevada also requires
appointment of a personal representative and a formal probate court
proceeding for estates of more than $100,000. The personal
representative's duties and the probate process itself will vary
depending on the nature and value of the estate assets, the terms of the
will (if there is one), and etc. The Sundvick Legacy Center can help make
the process easier, more efficient, and provide peace of mind during a
difficult time.
Avoiding Probate in Nevada
Because probate can be a lengthy, costly and public process, many
people choose to avoid it. There are a number of legal strategies that
will allow you to pass property to another person after death, without
going through probate.
Joint Tenancy Adding another person to your assets as a joint
owner or "joint tenant with rights of survivorship" will allow your
property to pass to them upon your death without going through probate.
There are pitfalls to this strategy, however, including the fact that
the other owner is considered a 100% owner of the asset, just as you
are. This means they will have access to the asset (such as a
checking account) while you are alive. Also, the asset could be subject
to any claims (such as lawsuits) against the co-owner and available to
the co-owner's creditors -- all while you are still alive and planning
on using the asset yourself.
Beneficiary Designations Nevada does allow Transfer on Death (TOD)
or Pay on Death (POD) beneficiary designations to be added to bank
accounts. You can even transfer real estate directly, outside of
probate, with a Beneficiary Deed. Beneficiary designations like these
are preferable to joint tenancy in that they allow you to transfer
property upon your death without giving away current ownership. One of
the drawbacks, however, is that it can be difficult to obtain an
equitable distribution of property among your heirs by utilizing
beneficiary designations. Additionally, understand that if you have
beneficiaries listed on your assets, those assets will be distributed upon
your death to the listed beneficiaries, even if your last will and
testament states otherwise. Also, if you are married, you need to take
into account your spouse's community property interests before changing
the title or beneficiary designation of assets.
Revocable Living Trust A Revocable Living Trust is a legal
document that allows you to establish a separate entity (the trust) to
"hold" legal title to your assets while you are alive, and to name
trustees to manage those assets according to the trust terms. Typically,
you serve as the trustee while you are alive, managing your assets for
your own benefit. Upon your disability or death, the trust terms name
your successor trustee to continue to manage -- or distribute -- the
assets held in trust. A properly drafted trust can accomplish many
goals, including guardianship and probate avoidance for your estate and
bloodline, marital and creditor protection for your children.
Nevada Estate and Trust Administration
A properly drafted and funded trust will
generally avoid probate. The trust need not be filed with the probate
court. Nonetheless, there are still steps necessary to administer the
trust: beneficiaries must be contacted ; assets must be gathered, valued
and managed; potential creditors must be notified ; debts, taxes and
final expenses must be paid; and, ultimately, any remaining income and
assets must be distributed in compliance with the trust terms. Successor trustees often lack the
time, resources or knowledge to personally administer the trust, and
therefore may call upon legal, accounting and investment professionals
for assistance. The Sundvick Legacy Center can help your successor
trustee(s) deal with the complexities of administering your trust. Please call our office and we'll be happy to schedule a
consultation, whether or not our office has drafted the original trust.
There are three basic stages to estate and trust administration:
Collection & Management, Payment of Expenses, and Asset Administration &
Distribution. Follow the link below to Estate & Trust Administration:
Successful Conclusions for an
easy-to-understand presentation outlining the process. Feel free to use the integrated functions to
print any page, bookmark it to return later, or forward a copy to your
friends, family members or financial advisor.
 Estate
& Trust Administration: Successful Conclusions
Estate Planning is
a Lifetime Process, not a one-time event. Though estate administration
is the final stage in the process, a successful conclusion is dependent
on proper completion of each of the preceding stages.
Click here to learn more about the process of estate and trust
administration.
Probate & Guardianship
The
loss of a loved one is a very difficult period. This isn't the time most
people are at their best when asked to make financial and legal
decisions. This is especially true for the surviving spouse or kids if
they are just hearing about Mom or Dad's plan for the first time, or
worse yet, learning one was never completed. Sundvick Legacy Center
makes the process of probate as easy and pain-free as possible.
We
work with executors, personal representatives and other fiduciaries in
all aspects of probate administration and are committed to the delivery
of probate administration services with sensitivity to the special
concerns of our clients.
Our services include:
- Advice regarding the terms of the decedent's will and trusts.
- Advice regarding duties to the beneficiaries and the applicable
laws related to ongoing investments and distributions.
- Preparing and filing of all necessary Probate Court documents.
- Representation of clients in all Probate proceedings.
As coordinated with your appropriate advisors:
- Postmortem planning, including effective use of tax
elections and disclaimers.
- Income tax planning for the estate.
- Advice with respect to any challenges to the decedent's will
or trust.
- Advice with respect to any disputes among estate
beneficiaries or between beneficiaries and the executor.
- Postmortem planning for non-U.S. citizen spouses.
- Review of all federal estate tax returns.
We will work to complete the process as quickly as possible,
while minimizing family disharmony.
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