A pour-over will is a special will that provides that some or all of a person’s assets be transferred to their trust rather than specific beneficiaries or heirs through the probate process. Any assets unaccounted for “pour over” into the person’s trust, helping the estate avoid costly probate. Here is a closer look at what this legal document entails.
In most cases, assets that are subject to the probate process in Nevada are those that are owned solely by the deceased person. Many assets do not need probate, which can be a lengthy court process. Here is more on probate and non-probate assets in Nevada.
Do You Need a Durable Power of Attorney in Nevada?
A durable power of attorney ensures a person’s affairs are taken care of by someone they trust if they become mentally incapacitated and avoid a costly guardianship proceeding. A durable power of attorney is a legal document that allows a person to authorize another to manage their financial affairs. The person who grants the authority is known as the principal, while the one who has been granted the authority to act on behalf of the principal is known as the agent.
Having a will as the only estate planning tool may not be enough because wills do not address certain issues, such as planning for a health crisis in a person’s lifetime or saving a person’s family from probate. Most people require more planning than what a will provides in Reno. A comprehensive estate plan addresses lifetime issues and ensures a person’s desires are abided by, and the estate is protected without the hassle and expense of probate litigation.
A living trust can benefit a person if they have a titled asset and want to make life easier for the family after their death. It allows a person to manage their assets during life and provide a plan for distributing the assets after death while avoiding the potentially time-consuming probate process.
Family and financial situations change, laws may change, three or more years may have passed since a person wrote or reviewed their estate plan. All these factors necessitate making changes to an estate plan.
Celebrating together, splitting up trick-or-treating time, and alternating years or holidays are some ways that parents can peacefully share child custody on Halloween. The day’s activities allow parents and children to share a fun bonding experience. Child custody lawyers often recommend that parents address the holiday in their parenting schedule.
How Are Professional Practices Handled in Nevada Divorces?
In Nevada, if one or both divorcing spouses have professional practices, the practices will need to be quantified and apportioned. Nevada statutes regard a professional practice like any other asset in a divorce.
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