Estate Planning Probate: Las Vegas Attorney

Planning for the future after we are gone can be a scary and overwhelming thought.

How will you care for your loved ones after you are gone? How can you make sure that your final wishes are carried out?

One thing we can do to make this aspect more manageable for those we leave behind is to have an estate plan. This allows you to determine how your assets will be taken care of after your death.

The process of settling an estate is called “probate,” and it can be a lengthy and costly process. The probate process can take anywhere from 6 months to 3 years. There are also filing fees and court costs to consider as well.

You can shorten this process with careful planning by creating an estate. However, a poorly created estate plan can end up creating more problems and making the probate process even worse.

Disputes over assets can lead to legal battles amongst family and friends, which can damage relationships.

Having an experienced probate attorney can help guide you through this complicated process. You want a competent attorney who can help walk you through the process and give you the peace of mind that your loved ones will be cared for after being gone.

If you live in the Las Vegas, Nevada area and require a probate attorney, the Rosenblum Allen Law Firm team can help.

Why You Should Have an Estate Plan

As we mentioned, having an estate plan will help to not only divide up your assets but ease some of the financial burdens on your loved ones.

Estate planning helps determine who will benefit from the estate and to what extent and protect the estate from excessive tax penalties.

By estate planning, you can also make important decisions on your care if something should happen to you that keeps you from caring for yourself.

Illnesses or accidents can incapacitate a person, and estate planning can help you think ahead on your wishes for your well-being. If can also express your desires for funeral arrangements and set aside funds for the cost, easing the stress and burden from your family.

If you have minor children, estate planning can also help to plan for their future and care. You can assign legal guardians that will look after their physical and financial well-being.

Having a clear estate plan can help you and your family in the event of death. This can be a tedious and overwhelming process, but having a reasonable probate attorney can help guide you through this process and help you create a satisfactory plan.

Estate Planning Tools

There are several elements in creating a successful estate plan. These tools can help you to maximize the health of your estate.

 However, some factors need to be considered when determining which tools to use. These include the size of the estate, the number of beneficiaries, and the purpose of distribution.

  • The Will. This is the most common form of estate planning. You will want a detailed list of your assets. The person in question puts in writing their wishes to distribute their estate, appoint guardians for minor children, and wishes for funeral arrangements. It should be noted that the will must be put through the probate process, which can be lengthy and costly, so beneficiaries may not get the total amount they were expecting. If you do not have a will, the estate will be distributed based on state intestacy laws. In this system, assets are divided into spouses, children, parents, and siblings.
  • The Trust. Trust is one way to avoid the probate process to provide for your beneficiaries. A trust fund can be created either during the individual’s life or upon their death. A trustee will distribute property and funds per the terms of the trust. 
  • Health Care Directives. Also known as Living Wills, this allows a person to express their wishes for medical care if they should not care for themselves. This also appoints a person as their medical power of attorney to make medical decisions and arrangements leading to the time of their death.
  • Financial Power of Attorney. A financial power of attorney is responsible for a person’s financial decisions when they cannot make them on their own. An individual can appoint a friend, family member, or trusted professional to make these decisions on their behalf.

These planning tools can be complicated but are worth utilizing. You also need to make sure they are completed correctly to avoid any conflict that could lead to lengthy court disputes.

The Rosenblum Law Firm team can help you navigate each of these tools to ensure they are completed correctly. They can help to create these plans for you and make sure they are protected by law.

Saving Money on a Small Estate

As we have mentioned earlier, there are fees and court costs that go into the probate process. Your beneficiaries may also be required to pay taxes on any assets they receive.

The good news is, you can avoid some probate costs if you qualify as a small estate.

 The estate’s total assets vary from state to state, but the bottom line is that you can save your beneficiaries money and time by doing some simple planning.

A few things such as making designated individuals as beneficiaries of your bank and retirement accounts ensures an easy transfer of those funds. You can also fill out Transfer on Death (TOD) or Paid on Death (POD) forms to streamline the inheritance process without having to go through probate.

As mentioned before, having a living trust for your beneficiaries will ensure they are cared for without worrying about the probate process.

While your beneficiaries may still be responsible for taxes, they can save time and money by avoiding the probate process.

To see if you qualify for small estate status in Nevada, contact Rosenblum Law Firm. Our probate law team can help you to determine the best avenue to handle your estate planning.

Give You and Your Loved One’s Peace of Mind

Estate planning can be a daunting task. However, having an estate plan can ease some of that stress. You can have peace of mind knowing that those you love will be taken care of and reduce the probate process for them.

Rosenblum Law Firm is here to help you and your estate planning needs. Let us put our legal expertise to work for you to help navigate the probate process.