WILLS, TRUSTS, AND ESTATES
Losing a loved one is a stressful, difficult, and exhausting time – not to mention a busy time. While dealing with the funeral and everything that comes with it, there is also the challenge of the probate process. The probate process involves establishing the validity of a will and dividing up the remaining assets of the decedent. In Nevada, the type of probate administration required is based upon the total value of the decedent’s net assets. In certain circumstances, the probate process can be extremely complicated, but we can help. At JK Nelson Law, we have experience in handling the administration of estates of all sizes and will walk you through the process, being with you the entire time to ensure things are handled in a timely manner. We understand that this is a time of grieving for you and your loved ones, so we will take care of the probate process for you to allow you and your family to spend your time together. We will answer any and all of your questions to ensure that you know how the process works and will work to ease any of your concerns about your loved one’s will. We also know just how stressful things can become if the decedent did not leave a will behind. Let us represent you through this difficult time so that we can resolve your loved one’s final wishes, and let your family focus on one another.
- Small Estates: In Nevada, if a decedent passes away with no real estate and no debts, with their assets totaling less than $25,000, then a full probate administration before a Court may not be necessary. JK Nelson Law has the experience necessary to direct you appropriately to ensure that no more time and energy is spent in probate administration than is absolutely necessary.
- Set Aside: If a decedent passes away with an estate less than $100,000 in assets after subtracting any liens or secured debts, then a Set Aside Probate Administration is likely the best option for the probate of the party’s estate. This generally requires a submission to the court in the county in which the person was a resident or in which there is real estate owned by the decedent. Oftentimes, the matter can be resolved with limited appearances at the Court and can be finalized within 45 to 90 days. If you find yourself in this situation, JK Nelson Law will make all appearances on your behalf and work to expeditiously finalize your matter.
- Summary Administration: A decedent passing away with an estate consisting of assets less liens and secured debts (mortgages) of $100,000 to $300,000 will require a Summary Administration to probate the estate. This will require the Court to oversee the sale of any real property and will generally take 6 months to complete. While a Summary Administration requires some oversight and additional work, JK Nelson Law will work to ensure the process goes smoothly, making appearances on your behalf, and keeping you up to date on the process.
- General Administration: If a decedent passes away with an estate consisting of assets less liens and secured debts (mortgage) over $300,000, the Courts will require General Administration. This probate matter is the most extensive of probate administrations and will require multiple court appearances, court filings, and other prescribed procedures. However, at JK Nelson Law, we have experience in dealing with large estates and can make sure things go as quickly and smoothly as possible.
- Out of State Probate: If a decedent passes away in another state, leaving real estate located in Nevada, an ancillary probate may need to be completed. The extent of the probate administration required will depend upon the value of the real estate. JK Nelson Law has handled numerous ancillary probate matters to assist out of state clients and can work to handle your matter as well.
Will or Living Will
A Will can ensure that your final wishes and bequeaths are honored. At JK Nelson Law, we can discuss the various advantages that a Last Will and Testament offers in comparison to other estate planning options. We can help you write a Will to ensure that it will be legally binding and that your family will have no trouble proving its validity. We will explain the Will writing process to you and discuss the different options you have when dividing up your assets and estate. While creating a Will is important, creating a Living Will can also be extremely important and helpful to your family. A Living Will does not dictate who receives your assets or property, but it allows loved ones to make health care decisions for you while you are incapable of making them. Living Wills can inform doctors and medical personnel whether you want to be put on life support, how long you want to be left on life support, and/or whether you want to be fed artificially. We know that death can be uncomfortable to talk about and that a Living Will can seem unnecessary while you are in good health. However, if you have a preference on what happens to you, a Living Will guarantees that your wishes will be met. Let us help you write your Will or Living Will so that you can be sure your wishes are met if you ever become incapable of making those decisions for yourself in the future.
Asset Protection/Specialty Trusts
We know that for many of our clients, Asset Protection and Specialty Trusts are important tools for preserving their assets during their lifetime and for the future of their family. There are several options that individuals can pursue to protect their assets from creditors during the course of their lives, including a Nevada Asset Protection Trust. You may have a need for a Special Needs Trust if you have children or potential heirs with mental disabilities. At JK Nelson Law, we have the experience in estate planning to discuss your options and best strategies to meet your needs. Let us help you protect your assets so that your family is taken care of when you pass.
Did you know that you have an estate? Yes, everything that you own is a part of your estate. A great gift for your loved ones is having a proper estate plan put into place. Here at JK Nelson Law, we are experienced in estate planning and ensuring that property is properly transferred from you to your loved ones, smoothly and quickly. We can also create contingencies within your estate’s distribution if you want to ensure that the money, property, and assets you are leaving are being used wisely. Let us help guide you through the Estate Planning Process.