Frequently Asked Questions
- What is estate planning?Estate planning is the proactive process of creating a comprehensive plan during one’s lifetime to secure the financial well-being of loved ones and effectively manage one’s estate after death.
- What documents are needed in my estate plan?An estate plan can be as simple as a Last Will and Testament or as comprehensive as a Trust, Last Will and Testament, and health care documents.
- What is the difference between a Trust and a Will?When it comes to estate planning, it’s important to understand the differences between a Last Will & Testament and a Trust.A Last Will & Testament needs to go through the probate process in the local Court system, while a Trust is administered without Court jurisdiction.
This means that the distribution of assets through a Trust is usually faster and less expensive compared to the probate process.
- What if I do not have a lot of assets, do I still need estate planning?Absolutely! No matter how many assets you have, it’s essential to have a Last Will & Testament.
Pursuant to NRS 240A.180: I am not an attorney in the State of Nevada. I am not authorized to give legal advice or legal representation. I may not accept fees for giving legal advice or legal representation.