For many Nevada residents, probate litigation is a complicated and sometimes messy situation that is difficult to overcome. In a recent probate conflict, this issue has arisen for former Senator Mal Colston's son and the executor of the wills of the Senator and his wife. Mal Colston passed away in 2003 and left his wife, Dawn, as executor and trustee. However, Dawn passed away only 11 months after her husband and her death was before she completed the dispersal of her husband's will.
Trusts and trust administration are important tools, and are available for people looking to protect their assets. Recently, with the passage of a new trust law in Hawaii, attention has focused on the use of what are called Domestic Asset Protection Trusts (DAPT). The laws in Nevada and a handful of other states also provide for the creation of DAPT's to be used as a beneficial financial planning tools, referred to as self-settled trusts.