Probate is a legal procedure that all estates go through after a person passes away. A court will begin the process of distributing your estate to appropriate beneficiaries. Las Vegas probate differs from many other states. Regardless, the help of an attorney from Dobberstein Law Group can benefit you tremendously. There are also ways in which it can be avoided that will be discussed as well.
If you already have a Will set or even a living trust, probate is going to be easy. However, you need to make sure that your living trust or will define your wishes clearly. These documents will benefit you because your executor and beneficiaries will be listed in them. The person that is in charge of overseeing your final wishes is known as the executor.
It is wise to already have an estate plan prepared. Your loved ones will appreciate you for that. But it is also important to note that your will must go through probate, but the process will be simple if you have already made the preparations ahead of time.
Probate is a court-supervised proceeding that will validate your will if you have one of course. Your executor will also be approved so your belongings and property can be distributed accordingly. During the proceedings, all of your assets must be located and the total value must be evaluated. All debts and taxes will be paid out following this step. A Las Vegas Probate attorney can also help prepare you for what’s to come.
How to Avoid Probate
Again, a Las Vegas Probate lawyer can inform you of everything you need to know, and if you are considering avoiding probate. You can limit the headaches that probate can put on your loved ones. Many benefits also come along with avoiding probate that includes both privacy, cost, and time.
To avoid court, make sure to follow some strategic steps to help reduce some pressure and stress such as:
- Have a living trust established- As mentioned, you will make the trust in charge of all your assets once you create and fund a trust. When you pass away, the trustee that is named will manage all assets within, according to your guidance.
- Consider giving assets to loved ones- The probate process can be simplified a lot just by reducing the value of an estate. This will also result in positive tax advantages.
- All accounts should be titled TOD or POD- This can include your bank accounts as well as some other assets that you have. In some states, this is also a way for you to transfer real estate to your listed beneficiaries.
How an Attorney Can Help
If you live in Nevada, a Las Vegas probate lawyer can make the process easier. You can easily search for Las Vegas probate attorneys in your area to find a good office. Probate attorneys are licensed and can help the executor of a Will. They can also assist the beneficiaries listed on an estate. Las Vegas NV probate lawyers can help do everything from inventorying assets of the estate to settling the estate.
They are qualified to help assist you with the planning process of the estate, although a fee will be charged. If you need assistance settling an estate, hiring an attorney is the way to go. Probate Las Vegas is not always easy when you are doing it all on your own.
An attorney can help you by:
- Paying and determining inheritance taxes
- Assemble life insurance policy proceeds
- Paying income and estate taxes due
- Figuring out all estate assets
- Paying all final bills and debts
- Prepare and file all legal documents
- Managing estate’s checking account
- Pass out all final distributions after all bills and taxes are paid
Retitle all assets in beneficiaries’ names