Nevada’s probates are broken down into different categories. Estates under $100,000 are considered Small Estates and distributed by either Affidavit or Set Aside depending on specific facts. Estates between $100,000 and $299,999 fall under Summary Administration, which has less procedure requirements than General Administration, which Estates fall under that are valued at $300,000 or more.
A Trust is normally processed privately without the observation or intervention of any court. This can avoid probate related fees and process, thereby saving a lot of time. It also provides a layer of privacy, because probate Court records are public, where trusts are private. A Trust is recommended in Nevada for anyone who has over $100,000 in assets, which in today’s market, is typically satisfied by owning a home. Further benefits of a Trust, is that Trusts can be more tailored to the creator’s, aka Trustor/Settlor’s, desires.
Trust Packets also contain financial and health related power of attorneys, which help to give you peace of mind that you have established procedures in case of emergencies during your life. For example, financial powers of attorney are often used when someone has surgery and is in recovery, but there are bills to pay or rents to collect. They are also used when someone is just unavailable to do something financial, due to travel or work. Health related power of attorneys, aka Health Directives, not only designate an agent to make decisions for you when you cannot make them yourself due to accident, surgery, medication and/or illness etc., but you also make the decisions regarding continuing or stopping life support/treatment in certain situations, so that your family members do not have to go through that very difficult and painful decision process. Here at Joey Gilbert Law, we register your Health Directive so that in emergencies, the ER and other medical personnel can access your Health Directives and know how to reach the agent you named, if you are not able to inform them yourself.
Estate planning is for everyone, not just “retired” people, it also is not just for the “wealthy”. Unfortunately, none of us know when our time on this earth will end or when we may get sick or have an accident and by having an estate plan early in life, you know you are covered should anything unexpected occur. Many people wait until it is too late and someone is in the hospital and then they may not have the competency to sign documents due to an illness, medication, surgery, or accident etc. and it is not uncommon that it is people in their 30-50’s who are the ones without an estate plan in place to help during that difficult time.
In a sense, Trusts packages can be compared to insurance policies for your estate, because they provide you peace of mind that should an emergency occur or upon your death, you have everything in order and can rest assure that your desires will be carried out.