The process of leaving assets and funds to loved ones may get more complicated than families expect. Even if Nevada families go through the proper processes and ensure that everything is handled when it comes to estate planning, the estate administration process can be bumpy due to debt. Any families concerned about debt may want to investigate what role debt may play in the estate-planning process.
Estate administration can be a complicated and confusing process, as many Nevada couples may already know. This is why it is especially important to ensure that every proper document is in place, and that the administrator knows how to handle his or her role after the death of a loved one. Estate administration is often more complicated for high asset estates or wealthy individuals.
When someone dies, the need arises to determine whether an estate must be filed and administered. Where the decedent has left a will and there are significant assets that he owned at death, the estate must be filed. The same applies if there is no will but there are more than negligible assets. In either event, estate administration is required in Nevada and all other states.
Michael Jackson is a name that is well known to our readers in Nevada. He gained fame as a child star in the Jackson 5 musical group and continued on to become the 'King of Pop.' The talented singer was also the subject of many assertions of sexual abuse and even a criminal trial while he was alive. It is that criminal case that is involved in a new claim being made against the estate in a probate court.
There are many reasons that people in Nevada enter into the estate planning process. In many cases, they turn to commonly used tools such as wills and trusts as they begin estate planning. However, one recent article notes that are additional steps to be taken to ensure that all of the wishes of an individual are expressed as to how and what they wish to have done when they die.
Many people in Nevada know that one of the most popular reasons for people to create an estate plan is to ensure that their assets go to the people they want them to when they die. An individual can make his or her intent clear by using estate planning tools such as wills and trusts. In fact, many find that the available tools can be customized to fit every financial situation or beneficiary.
There are many different aspects to estate planning. Some commonly used estate planning tools include a will or trust. With such a document, a Nevada resident can detail how he or she wishes to distribute their assets upon death. In addition, a will can be used to make specific bequests to heirs and beneficiaries.
Estate planning takes different forms for many people attempting to accomplish this goal in Nevada. For some, the need to pass on their values as well as their assets is strong. For such people, a new trend of spiritual estate planning may be appealing. This type of estate plan allows an individual to make their values known along with the distribution of their assets.
Many readers in Las Vegas will recall that singer Michael Jackson's death in the summer of 2009 sparked much controversy. At the time of his death, the singer was being sued by several people and owed an estimated $500 million in debts. After his death, his estate has become the subject of probate and estate litigation. This litigation has included a suit by John Landis and others regarding the world-famous music video of the song, Thriller.
When a wealthy person dies in Nevada, sometimes a court battle is waged over the estate. The ligation most often happens in the probate court and can cover many issues. This was the case recently after the death of famous artist Thomas Kinkade.