Those putting together an estate plan have to think carefully about the relationships that they’ve had with their family members and other loved ones. They typically need to very carefully evaluate their financial circumstances to see what resources they can offer and then familiarize themselves with the rules for estate administration and inheritance in Nevada. Technically, children do not have an automatic right to inherit property from an estate unless someone dies without a will or other documents on record. Parents may choose to leave as much or as little of their resources to their child ..read more

The process of drafting a will allows someone to protect their dependent family members and establish a meaningful legacy. However, some people make mistakes when drafting a will that inevitably affect the probate process. In some cases, they might create unnecessary conflict among their beneficiaries. Other times, they may leave their estate plan at risk of a challenge because of the terms they chose to include. These are a few things that people should generally not include when drafting a will. Assets with beneficiary designations Life insurance, financial accounts with transfer-on-death de ..read more

Your retirement accounts may have a higher total value than the home where you live if you are already close to retirement age. After all, those savings will need to support your household for years after you officially and your career. Experts have long recommended aiming for a seven-figure savings account before retirement. Retirement savings help to provide financial stability and may allow you to pursue exciting opportunities, like traveling, during your retirement. Those funds will also help pay for your medical care. Given that your retirement accounts are likely among your most sizable ..read more

A surprising number of adults are attempting to create their own estate plans. Many are turning to how-to tutorials online which gives them a false sense of confidence about the end product that they’re seeking to craft. Unfortunately, the do-it-yourself (DIY) approach to estate planning employed by many independent adults ends up doing more harm than good in many cases. Why is a DIY estate plan so dangerous? People don’t understand the requirements for valid documents In movies, people scroll out a will with their dying breath alone in a room, signing their name as a candle blows out dramatic ..read more

Trusts and wills are two of the main documents that people use to leave assets to their heirs. With either one, you can determine how you are going to pass your wealth on to the next generation. However, along with the similarities come some very significant differences in exactly how these goals are accomplished. It’s important to know what these differences are and how they are going to impact your estate planning. A trust is an account A will is generally just a document stating your wishes after you pass away. It can be as simple as telling your heirs that you want them to evenly divide yo ..read more

As a parent, your primary responsibility is to secure your child’s health and well-being. And most parents take this responsibility very seriously. However, there is one aspect that most parents overlook: appointing a legal guardian for their child. Basically, a legal guardian is a person you designate to assume your minor child’s parental responsibilities should something happen to you and the other parent. So how do you appoint a guardian for your minor child? Here are two helpful steps that can help you find the right guardian for your child. Exploring the guardianship criteria The individu ..read more

When you make an estate plan, you’re thinking about what’s best for your family and loved ones. Maybe you want your home to go to your spouse and your car to your child. You may pass away but you’re still leaving something behind for your heirs to cherish and remember you by. However, while your heirs may benefit from your estate, you also have a furry, feathery or scaly friend to think about – after all, they’re just as much family to you as anyone else. So, what can you do for your pet to ensure they prosper after you pass away? It’s important to make sure your pet is continually cared for a ..read more