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Las Vegas Estate Planning And Estate Litigation Law Blog

3 tips for being a good trustee

If you are responsible for managing and administering trust assets, you may be looking for advice. Taking on the role of trustee can be intimidating and confusing at times. Of course, you want to do your best to honor the creator of the trust and beneficiaries. 

Being a good trustee helps you avoid disputes with heirs and makes the estate administration process go smoothly. Here are some guidelines for how to fulfill your duties as a trustee.

What you need to know about arbitration clauses

Estate planning is necessary and important, but it is also sometimes a stressful endeavor when you are trying to ensure all your loved ones are cared for. Drafting a trust or will is the best way to provide financial protection to your family after you pass, but it is important that the directions you stipulate will be followed. Including an arbitration clause in your estate plan is one way to attempt to ensure this.

Arbitration clauses function by requiring all parties who may dispute the content of a will or trust to go through a mandatory arbitration proceeding to resolve it. These clauses are becoming increasingly popular in estate plans, but you should be aware of the following factors before including it in yours: 

3 things you should know about amending your will

Establishing your will is an important part of estate planning. You want to ensure that your loved ones are cared for and your estate is properly managed when you pass, so creating a document with clear directions is the best way to do so. This is exactly what a will is for, but too many people wait or make mistakes so that their estate plan is not as effective as it could be.

There are a few things you should know about the process, so if you are ready to start planning your estate, pay attention to the following three facts about wills. 

The most practical places to store your will

When you marry or have your first child, you need to start thinking about creating a will. You do not want to delay this process too much, and you can easily find an attorney in Las Vegas or Henderson to assist you. 

After you have finalized your will, it is time to decide where to keep it. It should go in a secure location where no one else will be able to tamper with it. You also do not want to risk it becoming destroyed. Here are a few good places to keep a will, and you should keep yours in at least a couple of them to be safe: 

Important aspects of the probate of an estate

Many individuals use wills to control the distribution of their estate after their passing. This makes the will a big part of the probate process for many estates.

For individuals forming estate plans and beneficiaries, it is helpful to understand this process. In regards to probate, there are a few important aspects to be aware of.

Can you make handwritten changes to a will?

Whether you have just married or just retired, it is never a bad time to write your will. It may be uncomfortable to think about your passing, but it will become even more uncomfortable for your surviving loved ones if no document is in place saying how to divide your assets. Unfortunately, six out of every 10 Americans do not have a will in place. 

Having a will already puts you ahead of most American adults, but as time goes on, you may find that your will is no longer relevant to your current living situation. A divorce, second marriage or drastic change in income can greatly impact what your will needs to do. However, you need to make sure you go about making these changes the right way. 

How to talk to your loved ones about your estate plans

Estate planning is not an easy topic to address, whether you are thinking about creating a will, funding a trust or making plans in case you are incapacitated. You are not alone if you feel overwhelmed at the prospect. Many Nevadans unnecessarily put off their estate planning, and some find it awkward to bring it up to their relatives.

However, it is important to at least have a will outlining your basic wishes, so you do not leave your relatives wondering what to do with the assets you leave behind – and so your estate does not get tied up in probate. Furthermore, talking about your wishes while you are still alive and well may go a long way toward keeping the peace among your family members when you are no longer able to dictate “who gets what” and “what goes where.”

What is an estate administrator supposed to do?

If you are an estate beneficiary, you may have some concerns about the roles of the executor. Your deceased family member may have chosen the best person they could think of to serve as his or her estate administrator. But that does not mean you should assume all is well. You should pay attention to how this individual acts. There is a possibility that he or she may not be the right person to settle your loved one’s affairs. 

There are some things that an executor must do before they can start distributing assets and inheritances to estate beneficiaries in Las Vegas. Take some time to learn how an estate executor must act to settle your loved one’s final affairs to protect your inheritance and rights. 

Can you legally amend your Nevada will?

You create a will so your loved ones have an idea of what you want to leave to whom. However, situations sometimes arise in life that may change your mind about certain decisions you made about how you want your assets allocated, and such changes may warrant a change to your will.

For example, maybe you have had another child since you initially created your will, or perhaps you and your spouse have recently split. Regardless of your reasoning, there may come a time when you need to change the stipulations detailed in your will, but can you do so legally?

Top 3 reasons to challenge an estate

There are many families who struggle after the loss of a loved one. Dealing with grief is not an easy thing to do, and everyone will respond to the loss differently. At some point, the family needs to begin the process of moving on, and often that comes when they begin to carry out their loved one’s final wishes.

Unfortunately, in some situations, the estate documents left behind only create additional problems for families. They are unable to get the closure that they seek because of challenges to the estate, which result in disputes between beneficiaries in the will or trust. In this post, we discuss some of the most common reasons why estates end up in litigation.

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