Frequently Asked Questions About Nevada Probate Law
What is Probate Law?
Of all the legal fields of practice, probate is one of the most unique because it seeks to protect the interests of clients who are no longer with us. Probate court divisions have a duty to grant the wishes of the deceased while upholding state law. Although there is some level of uniformity with regard to probate in the United States, Nevada probate law features some distinctive advantages related to taxation, asset protection and estate administration. Law firms that practice probate law are often very skilled in estate planning.
How Does Nevada Probate Law Affect Me?
If you happen to pass away without leaving a will or trust in place, a Nevada court will appoint someone to determine the statutory disposition of your estate, which often means lots of taxes will be collected and many of your heirs will be unhappy with the court ruling. If you left a will, the person you named as executor will file it in probate court so that your wishes can be granted in accordance to the statutes of the Silver State. Ideally, your estate planner established a trust, which means that the trustee will continue to follow your instructions long after you are gone.
Will My Estate End Up in Probate Court?
Your estate will consist of all the property, assets and liabilities you owned at the time of your passing. Not everything needs to go through probate; the law has provisions for estates to be set aside when they do not exceed a certain value. If you left a trust in place, your estate may not go through the probate process since you actually ceded control and ownership prior to your passing; however, this is contingent upon how the trust was structured.
Who Will Handle Probate?
If you left a will, probate will be handled by your executor and the individuals appointed by the court. If the will is contested and turns into litigation, there may be multiple estate representatives with their respective attorneys. If you left a trust, there may not be any probate and the trustee will take care of everything, including distributing assets and retaining an attorney in case of a claim.
How Can I Avoid Probate?
You should by all means avoid probate, which you can accomplish through estate planning. A major aspect of estate planning involves doing everything possible to avoid probate law. If you would like to learn more about how estate planning can help you and your loved ones, please contact Accolade Law today.