For some readers in Nevada, probate can seem like a dirty word. In fact, avoidance of the probate process is one of the main reasons that those individuals begin the estate planning process. However, one recent report notes, this is not necessarily the best choice in all cases.
In fact, the report asserts, most wills will go through the probate process. This is true, even if a person in Nevada work to put all of their assets in an estate planning tool such as a living trust. Though most trusts are effective, it can be difficult for people to place all assets in such a trust. This is especially true when assets are obtained late in life.
Assets not in a trust are subject to our state’s probate process. The good news for heirs is that the process can take much less time to distribute the assets that many think. In addition, a court directed probate can limit the amount of time that creditors have to make claims against the estate of the deceased. This is different than for assets not subject to the process.
Estate planning can be a difficult thing for people in Nevada to begin. This may be because of the difficulty man have thinking about their eventual demise and concerns about the probate process. However, with proper planning, people can be assured that those that they leave behind receive as many of their assets as possible, in the least amount of time and with the least amount of hassles possible. This is a great result for most people in our state.
Source: lifehealthpro.com, 6 reasons why probate isn’t that bad, Tom Nawrocki, Sept. 13, 2013