How to Avoid Probate Court in Nevada
When compared to other states, probate laws in Nevada offers shortcuts and other provisions to make the process less intricate; nonetheless, probate is something that is worth avoiding even in the Silver State.
It so happens that Nevada offers some of the best property and corporate laws for individuals and business entities that wish to bypass probate court. Taking advantage of these laws requires proper estate planning and a strategy that fits the needs of clients while they are still with us and after they pass away. Here are some strategies:
A trust is a contract that allows an individual to create a legal entity that owns property and assets managed by a trustee for the benefit of others. A trust is made up of instructions that indicate how the estate should be handled and transfer, which means that a trust can take the place of a will by specifically indicating how the property should transfer upon death. Unlike wills, trusts do not have to be executed at probate court. Furthermore, Nevada offers the irrevocable trust, which can offer privacy and strong asset protection.
As a community property state, Nevada considers that property acquired by couples should be held in shared ownership. By legally establishing joint ownership, couples can guarantee that assets will be transferred to surviving partners without going to probate court. This is possible through the rights of survivorship clause found in the Nevada Revised Statutes. While this is appealing for married couples, it is often not the best vehicle for planning to leave property to other loved ones.
Some states offer the possibility of setting up bank accounts that include a payable-on-death clause, which allows the non-probate transfer of assets to others when the account holder passes away. Nevada also offers this clause, but it can be extended to real estate, vehicles and even investments. Real estate closers and title agents in Nevada are familiar with this elective clause and often remind home buyers about it, and the same goes for banks. Securities such as stocks and bonds held in an investment portfolio can also be assigned to be payable-on-death to another person or several people; this is something that the investment brokerage has to designate on the account at the request of the portfolio owner.
In the end, Nevada is probably the best state for individuals who wish to avoid the probate process, but to do so will require estate planning that should be handled by an experienced Las Vegas probate attorney. Call Accolade Law today at (702) 337-3000 to set up your free consultation.