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Las Vegas Estate Planning And Estate Litigation Law Blog

Special needs trustees must perform several duties

A special needs trust sets aside funds to benefit a person with a disability. These trusts are common tools for parents of children with special needs, as they improve the beneficiary’s quality of life without interfering with his or her eligibility for needs-based government benefits.

If your child is eligible for Medicaid, Supplemental Security Income or other public programs with income guidelines, you may want to consider establishing a special needs trust. When forming one, you must name a trustee to manage the trust. Like other types of trustees, special needs trustees must perform several duties. They also must accomplish some tasks that are unique to special needs trusts.

3 questions to ask if you suspect undue influence in a will

Even though they lead a healthy and active lifestyle, your parents will not live forever. Still, they likely want to have some control over what happens to their assets after they are gone. A well-written will is a good way to achieve this goal.

In simple terms, a will is a legally binding document that dictates the distribution of property. For a will to be valid, though, its writer must have acted on his or her own free will. Unfortunately, for a variety of reasons, an interested individual may try to supplant his or her wishes over those of the will’s author. Known as undue influence, this type of behavior is usually grounds to contest the validity of the will.

5 mistakes to avoid with respect to beneficiary designations

The naming of beneficiaries for retirement accounts and life insurance policies seems a fairly straightforward process.

However, the changes that occur in life may affect the beneficiary designations you have made, or in some cases, have not made. Here are five mistakes to avoid:

Protecting your aging father�s estate from undue influence

If you have an elderly father, you probably want to encourage him to think about estate planning. With some advance consideration, your aging loved one can keep some control over what happens to his assets after death. You must also ensure that someone does not exert undue influence over your parent’s wishes. 

Your dad has a right to decide how to handle his personal wealth. He also enjoys wide latitude to gift whatever property he sees fit to whomever he wants. Unfortunately, though, an unscrupulous individual may supplant his or her will over your father's wishes. If so, you can likely contest the estate plan based on an undue influence theory. Before you get to that point, however, you can take certain steps to prevent undue influence from occurring. 

Why to avoid DIY estate litigation

The day will come when you need to meet with an attorney to create an estate plan. However, there are plenty of online services that allow you to create a will by yourself, and that is a mistake you do not want to make. 

You never want there to be any errors in your estate plan. It is an important document that lays out who receives what once you pass. You want to make sure there are zero misunderstandings, so you never want to pursue DIY estate litigation.

Warning signs your parent's will may be invalid

The reading of the will tends to be a dramatic event in movies and books, typically ending in an unpleasant surprise for the family. Despite the common dramatization, these scenarios do happen in real life, leading loved ones to contest the will.

However, the signs that a will may be invalid often are not as obvious as their portrayals in media. These are some of the red flags you may come across to help you determine if your parent's will is valid.

What you need to know about challenging a will

Your grandmother always said she would leave you a substantial inheritance. But then when the attorney read her Nevada will after she died, it failed to mention you. Instead, she left almost her entire estate to your cousin who had taken care of her the last year of her life. Can you challenge the will

The answer is yes. But not because you are disappointed at not receiving your promised inheritance. Mere disappointment or anger over failing to receive an expected inheritance never constitutes a valid ground for challenging someone’s will. In your case, however, your cousin could have exerted undue influence over your grandmother, and that represents one of the classic grounds for successfully challenging someone’s will.

Understanding the duties of a trustee

People work hard to obtain their assets. It is only right that those individuals be able to delegate their assets as they desire. A proper estate plan can aid in accomplishing this, and a trust is a beneficial tool within the plan.

A trustee is the party in charge of maintaining and distributing the assets of the trust. When the grantor dies, the trustee must begin fulfilling the duties of the position.

How to include a pet in an estate plan

People love their animals, which is why so many stories pop up of rich people who have passed away leaving behind millions of dollars to their dog or cat. Most people just want to make sure someone will look after their pet if they pass away. 

Typically, ownership of a pet will go to the spouse of the deceased. However, there may be circumstances where no one is available to take care of the animal. In this circumstance, the animal would go to Animal Control and face adoption or euthanasia. Fortunately, there are steps you can take to ensure someone looks after your pet upon your passing, and it all comes down to what you put in your estate plan

Are you unhappy with the trust administration process?

When your loved one passes away, the trustee is responsible for administering the trust. This individual must adhere to the terms of the trust, communicate with beneficiaries and manage assets properly. Unfortunately, not ever trustee lives up to these expectations.

If you feel dissatisfied with the trust administration, it may be possible to remove the trustee. The trustee removal process must rely on Nevada laws. Here are several reasons why you may be able to remove the trustee from his or her position.

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