One of my favorite things about private practice is that I get to meet and interact with so many interesting people in different stages of their lives.  My estate planning clients are usually a little older, wiser and in the process of coming to terms with the past and their own mortality.  Many who come to see me are motivated by a recent life-changing event, such as the birth of a new baby, a change in marital status or the passing of a loved one.

Recently, I met Ray (not his real name), a 70ish gentleman who related a wonderful love story about marrying his high-school sweetheart.  The marriage, unfortunately, was short-lived and ended in divorce.  He admitted his decision to divorce was the biggest regret of his life, along with never having children.

Years passed. Ray loved the ocean and eventually became a professional surfer, but never remarried.  Remarkably, nearly 40 years later, he received an email from his former wife.  The two lovebirds soon remarried and spent thirteen glorious years together. Recently, Ray’s wife passed away, leaving him as a beneficiary of her substantial estate, and in charge of carrying out her wishes carefully detailed in her will and trust she wrote herself.  Ray was lost and overwhelmed. Could I help?

Losing a spouse is not easy and the grieving process is long and unpredictable. A kind word, a listening ear and a shoulder to lean on is sometimes all that is needed.  But the surviving spouse left in charge of carrying out the terms of their loved one’s plan has many decisions to make, such as whether a probate is necessary, how and when to make distributions of property to other beneficiaries, and how to deal with tax issues, known and unknown.

Life is challenging and full of joyful surprises; discovering that special place in nature, finding new friends, renewing past relationships, and welcoming a child, once estranged, back home.  Timing of these events is left to the universe.  For married folks though, the time will come when your partner dies. The one left behind will need professional advice about what comes next.  Each case is slightly different and must be evaluated based on your partner’s stated wishes, current law and the specific facts and circumstances. In most cases, the laws of the state where your partner passed away will govern.

My friend agreed to share his story on this blog.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

Living trusts have been around for a long time, but seldom do people fully understand the concept when it comes to estate planning.  When considering the necessity of a living trust, I begin the conversation by asking my clients if they own real property, and how they feel about privacy.

In Nevada, a decedent’s real property distributed under a will must pass through probate.   Real property includes your home or vacant land held in your name.  Probate begins when the court appoints a Personal Representative and thereafter supervises distribution of the assets belonging to a person who has died.

However, probate can be avoided if a person creates a living trust and transfers all of their property (both real and personal) into the trust before they pass away.  The owner and maker of the living trust is called the Grantor, and that person maintains complete control over the assets of their trust during their lifetime.  A Grantor may amend or revoke their living trust.

When a person passes away, Nevada law requires the Personal Representative to “lodge” the original will and death certificate with the district court.  At that time, the will becomes available to the public.  Unlike a will, a living trust is not required to be filed with the court at Grantor’s death and its terms remain private.

If all the Grantor’s assets have been property transferred into the living trust, probate is neither necessary nor required. However, the person who serves as Successor Trustee must administer the terms of the trust and carry out the express wishes of the Grantor.   A Successor Trustee has similar duties and responsibilities of a person appointed as a Personal Representative for the will but is not subject to court supervision.

Avoiding a costly probate and maintaining your privacy are just two of the advantages of creating a living trust as part of your complete estate plan.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

 

Dear Readers:  I have added two new categories to Law Blog: Probate Administration and Random (not necessarily law-related).  This is my first post under the Probate Administration category.

When a person writes their Last Will and Testament, they must choose a Personal Representative, who can administer their probate estate after they pass away.  The Personal Representative can be an individual or an established entity, such as a professional trust company or a bank.  Quite often, clients will choose a trusted member of their family to take on this responsibility.  Because the Personal Representative acts in a fiduciary capacity, I encourage my clients to choose wisely and to take the time to discuss the future role with the person they are asking to serve.

In my experience, choosing estate plan decisionmakers, whether it be an agent for a Power of Attorney (effective during the maker’s lifetime), a Personal Representative for a will or Successor Trustee for a trust, is often a challenging task.  It is also important to choose alternates in the event the first choice becomes unavailable to serve.

If a Personal Representative is named in a will, and a probate is necessary, a court case must be filed and a Judge must first approve of the person to serve.  The approval order provides the Personal Representative with the authority to “marshal the assets” of the person who has died and among other things, create an inventory and an accounting.  The whole process can take months, or sometimes, years.

My probate clients are given written Instructions to help them better understand their responsibilities and answer their questions as we proceed through the case. You can find these Instructions on this website under Probate and Estate Administration or just click here:

Instructions4PR2024

If a loved one has passed away, and you have been named as the Personal Representative in their will, these Instructions will help you decide if you are able and willing and able to accept this important responsibility.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.