One of the goals of people who enter into the estate planning process is to avoid probate. Often this is the case due t the fact that probate can extend the time that it takes for heirs and beneficiaries to receive assets left to them in an estate plan. However, for some people, a recent report notes, probate may be the best choice.
One of the main concerns about the probate process is the fact that it creates a public record for those of us in Nevada. This means that all matters related to the case are made available to those seeking the information. Though this can be disconcerting for some, for others it has the benefit of making it less likely that heirs will seek to challenge a will due to its public nature.
Another benefit of the probate process is that it is effective at clearing the legal title to property. This allows those who have been named in an estate plan to receive the assets that they have been left relatively quickly after a court review. However, there are assets that are never subject to the probate process. These include pension plans and 401K accounts.
Planning an estate can appear to be complicated to many people in Nevada. This is because there are many aspects to be considered when a person seeks to leave assets to friends and families after they die. To ensure that the best choice is made when planning an estate, it can do well for people to seek information relating to the estate planning process before starting to make a will or trust.
Source: investingdaily.com, “To Avoid Probate or Not?” Bob Carlson, July 31, 2013