Why Do I Need a Will? What is a Living Trust? And I Have Never Heard of a POD!

Last Will And Testament

So you think that when you die everyone understands your wishes and desires and the whole process of getting you safely into the grave with all of your affairs in order is easy-peasy. Think again!

A common phrase, not admitted amongst the legal fraternity is, “The vultures descend”. This refers to the inevitable gathering that occurs upon someone’s death of relatives and friends, some of whose motives are questionable. Where money is concerned nobody should ever underestimate the lengths to which people go to secure an advantage.

Estate planning is the only way you can ensure that your wishes are adhered to after your death. In a will, the process by which this is accomplished is called probate, which is when a will is submitted to a court for administration after your death. The executor of the will, usually a person named in the will, is responsible for managing the affairs of the estate as it progresses through probate. The court will oversee your estate, payment of your outstanding obligations, and distribution of your assets according to the terms of your will. This can be a long and costly process that tries to ascertain what the persons wishes may have been and where this cannot be ascertained a chain of inheritance is established with the closest relatives taking precedence over lesser relatives. If you’re lucky probate can be simple, however, if there is money or property, rancor and division can result so your legacy may be the catalyst for the destruction of the very family you have loved.

An important factor to remember...

Probate is administered in court and becomes a matter of public record. 

LIVING TRUST

In the process of planning for your eventual demise there are more subtle ways of dealing with the distribution of your wealth and assets. Like a will, a living trust is also a document that details how you would like your estate and affairs handled after your death.

However, unlike a will, a living trust does not require your heirs to submit to the probate process.

A trustee is appointed, usually the person or company identified in the trust to handle the affairs of the trust The trustee is responsible for managing the trust estate until the trust comes to an end as planned. The terms of the living trust usually describe how one's assets are to be distributed. Further, this distribution can occur over many years if you so desire, thereby allowing you to retain a measure of control over your assets even after your death. You may also be able to place other restrictions over your assets, which can help to protect the assets from the creditors of your heirs or to ensure that your goals and objectives are met. Moreover, for those who value their privacy, since your living trust is not submitted to a court, the terms of your living trust are kept out of the public domain.

LIVING WILL

When we consider our mortality and are planning for the distribution of our worldly goods, we have to consider the rather delightful prospect: What if you don’t die. Of course the reaper gets us all in the end but sometimes what would have been a mortal event leaves you in a never land and unable to make decisions for yourself. A severe stroke can leave you a prisoner in your own body, unable to communicate your wishes to your loved ones. Worse, you could be comatose with little or no prospect of recovery.

A living will is a properly constituted legal document constructed to provide

an unequivocal account of your wishes and is designed to meet the requirements

of courts such that no challenge can be mounted or even considered.

The living will makes clear your pre-determined desires in respect of medical treatment, resuscitation, designation of persons you trust to fulfil your wishes and instructions to lawful authority. Most people fail to take into account other family members moral and religious code. In a situation where these family members may be in a position to decide for you, it is important that you retain control of your life even though you are physically unable to do so.

A living will is the surest way to ensure that when you are no longer able to make decisions and order your affairs, whoever does it for you, follows your clear direction, laid out on paper at a time when you were competent to make these decisions. The law provides a spouse with significant powers in this regard, though not as extensive as some would think. It is people in partnerships and other joint living arrangements that have the most to gain from setting up a comprehensive living will. Too many times we hear of a partner being completely excluded from the decision making process in the care of a loved one because there is no living will to overpower the rights of a next of kin. Usually there is little any attorney can do to correct this situation. It can all be avoided with a a little time spent in front of an attorney skilled in these issues to have the situation clarified in a way that will stand up in court.

 POD - PAY ON DEATH

The most common aspect of most people’s death is that it invariably occurs by surprise. Even the most well planned estate is going to suffer a delay before the provisions of the will are made known and can be acted upon. Immediate expenses can be a severe burden on surviving relatives. Pay on death is a device that will allow a pre-designated person to appear at a bank or financial institution and clear the accounts of all funds of a person who has recently died.

The deceased will, prior to their death have requested, filled out and had approved by each financial institution the necessary proformae to set the POD in effect.

The nominated beneficiary of this device need only show up with the death certificate of the account holder and the financial institution will pay the balance of all accounts detailed in the POD.

It is usual, though not necessary, for the POD to be mentioned in a will so that the proceeds are taken account of in the final distribution of the estate.

Importantly, the beneficiary of a POD will need to attend to claims on the estate that have primacy eg. IRS debt. Because a POD does not override probate (the legal settlement of a deceased persons affairs). It may be possible for the court dealing with probate to require the return of the money paid from the deceased persons accounts. The advantage of setting up a POD is that, in the case of a married couple, the survivor can get their hands on the money before probate eventually gives it to them, as expected.

Divorce Difficult In Nevada for Same-Sex Couples

There is no clear cut policy for same-sex couples to separate or divorce in the state of Nevada. We need to devise a way to allow these folks who have legal bonds in other states to use our courts to dissolve these relationships when there are legal bonds that joined them together. #equality

Divorce Difficult in Nevada for Same-Sex Couples

10 THINGS TO WATCH FOR IN A DIVORCE ATTORNEY

10 THINGS TO WATCH FOR IN A DIVORCE LAWYER

1. Qualifications

Is your lawyer certified to practice law in-state. You can find out through the State Bar Association.  It also provides information as to their status as practicing attorneys.  Moreover, there are the old strand-bys, like memberships, practice history, testimonials, and, of course, word of mouth.

2. Reputation

Look at the attorney’s history.  Professional misconduct inquiries, Barred in another state and see what the local grapevine has to say: papers, Angie's list, Better Business Bureau commentary etc.

3. Experience

The last thing you need is a lawyer who is new to this line of work.  Yes, we all have to learn, but not on your dime. You are looking for the attorney having more than a passing acquaintance with the family law judges in your area if you are seeking litigation, does your attorney command respect in court? If your preferred method of resolution is negotiation, you want a skilled advocate capable of steering the compromise to your liking.

4. Skill in Practicing Family Law

How many other areas of law does your attorney practice in? Is the experience predominantly in family law?

5. Erudition

This is the level of verbal skill and power of expression your attorney has.  Skill in the law is rarely any good unless it is accompanied by clarity and gravitas when speaking.  Does the attorney annunciate the issues in the way you would wish, covering the salient points without superfluous dialogue?  If your attorney cannot captivate and keep the interest of the court you are unlikely to win your argument.

6. Integrity and Ethics

Have you confidence in your attorney or is there a history of speaking out of turn in other clients cases? An attorney that plays fast and loose with the privacy of another client cannot be entrusted with yours.  Is your attorney making guarantees and predictions about the outcome of your case? An ethical attorney will not raise your expectations to keep your case; rather they will strive to give you an understanding of realistic expectations in your case, good and bad.

7. Children

You need to be very sure that your attorney understands and shares the concern and wishes you have in respect to children.  Your attorney must see your children as you do.  Mistakes and bad impressions in this respect are difficult to draw back from.

8. Informative

Your lawyer should help you reach your personal divorce goals and understand how the process is going without you needing to ask.  Your attorney must keep you informed of all your options? Does your attorney make give you confidence that he has told you everything you need to know?

9. Diligence

Does your lawyer give you the feeling you are the only case on his mind or do you feel you are being squeezed in all the time?  Is your attorney distracted by phone calls, emails, or other people coming into their office while you're present? Are your meetings productive? Is your lawyer well-prepared and familiar with the particulars of your case? If not you are in trouble.

10. Affordability

Ensure that your lawyer knows your budget.  That being said, you get what you pay for; you should stay away for “discount” law offices – chances are that you will get “discount” representation.  Litigation can be expensive but it is better to pay for the right representation from the beginning of your case, then pay for another attorney to fix poor representation in the future.

FOR MORE INFORMATION ABOUT OUR LAW FIRM VISIT www.DavisNVLaw.com or visit our Google+ Reviews or contact James M. Davis directly.

What is a Probate Attorney and Should I Hire One

Las Vegas Probate Attorney

Our Law Office has extensive experience navigating Las Vegas Probate Court, and we understand the our clients' needs during the difficult time after the death of a loved one. Settling our loved one’s personal and business affairs can be overwhelming. This is why proper estate planning is indispensable. Jim’s vast experience in the probate process will allow you to take care of yourself and your family, while Jim will handle the rest. Here is some information that you may find helpful.

The fact is that, without help, it can be a long and frustrating process to have a loved ones assets transferred to the rightful successors, and it can be costly as well. Wills and trusts can help to alleviate some of these issues, as can joint accounts or ownership and transfer-on-death registration. What, though, if a loved one dies suddenly and without having made such arrangements? This is where a probate attorney can help turn a legal nightmare into a much less difficult experience.

Good estate planning, on the other hand, will help expedite matters, so it is important to consider these things while still in good health. Even if proper measures were taken, the blow of such a loss may make it difficult to muddle through any sort of legal business at all. Thus, it is usually best to hire a professional to handle this side of things while you grieve.

The same would apply if you are the executor of a will. Certain parts of the administration process may be difficult to understand. If you are not sure how to proceed, a probate lawyer may be able to help. This is especially beneficial if there are those who are contesting the instructions that you as the executor received from the deceased.

There are many situations that may arise that will call for the assistance of a probate attorney. For example, you may not know the best way to handle any debts owed by the deceased. Even if an estate plan was in place, you may need assistance in actually transferring ownership of property like a home, a vehicle, land, etc. There are many succession issues that could lead to potential litigation. When we lose loved ones, our mental faculties may not be prepared to deal with the legal fallout. Thus, you will want a competent attorney in your corner to guide you through any difficulties, allowing you to focus on what it truly important – your family and friends.

Resources

James M. Davis Law Office

Support Groups for Grief or Grieving

Do Grandparents have Child Visitation Rights

What Visitation Rights Do Grandparents Have

What situations may arise that could result in grandparents needing to seek visitation rights?

• Perhaps a child's parents lived together but were never married. Now the parents have split up and the parent with custody is restricting access to the grandchild.
• What if the child of the grandparents has died and the grandchild's living parent is restricting access?
• Even if the rights of a parent have been relinquished or taken away, the grandparents may be entitled to visitation rights.

If your rights as a grandparent are being denied or severely restricted, what can you do?

Here is some important information on Nevada grandparents visitation rights.

A grandparent can only be restricted from visitation if it is deemed to be in the best interests of the child. Thus, grandparents have the opportunity to rebut any such claim, and thus regain visitation privileges. What factors will be considered under Nevada state law?

If a child has never met a grandparent, that is one thing, but if an emotion bond exists, the case can be made that it is in the best interests of the child to allow that bond to continue. This is especially true if the child has ever lived with the grandparents or even spent time with them on holidays. Also, loving grandparents who can make good role models for a grandchild will be given special consideration. They need to be fit company for the child morally, and also need the necessary physical and mental health to properly care for the grandchild. Are the grandparents willing and able to provide for the material needs of their grandchild during visitation? This too is a necessity, and would include taking care of any health needs that the child has. Finally, the grandparents should be encouraging a good relationship between the child and its parent, rather than trying to drive a wedge between them.

Basically, these are the same rights and restrictions that any parent would have. They even apply to great-grandparents as long as a relationship has been formed that creates an emotional bond. What if the child is up for adoption? Before parental rights have been relinquished, be sure to request visitation rights. Then these same laws should apply.

Remember that there must be significant restrictions being placed on visitation for the courts to hear a case. If occasional visits are allowed, the court will likely respect the parent's right to determine the appropriate amount of visitation time. Also, if a child is old enough, they may be asked if they have a preference in the matter.

Don't hesitate to call James M. Davis Law Office if you feel your rights as a Grandparent are being denied.

How to Make a Will or Trust in Nevada

Las Vegas Wills and Trusts

Proper will, trusts, and estate planning in Las Vegas, Nevada, is vital in order to inform your loved ones of your desires regarding your estate after you have passed away or are no longer able to make critical decisions. Changes in Nevada law have a direct impact on how the court will settle your affairs if you have not planned ahead. Do not leave your family guessing, and do not wait until you are ill. Jim can help you plan your estate, today. Here are a few basics that you should know.

• Nevada law makes it necessary to execute a will in order to ensure that your assets will go to the people you want them to in case of your death.
• It is also the best way to ensure that any minor children you may have will end up with the guardian that you desire.
• Please note that if your spouse/partner survives you, certain assets that are deemed theirs cannot be willed to someone else.
• Even if you have already executed a will, you may choose to make changes at some point. You will want a lawyer to help you ensure that these changes are legally binding.
• Not only do you not want to leave loved ones guessing what you would have wanted, but you also want to ensure that no one can intentionally ignore your wishes.
• Selecting an executor and including that information in the will is an important part of ensuring that your desire are carried out fully and expediently.
• This would include any charitable groups that you wish funds to go to.

You can also create trusts in Las Vegas to set aside funds or assets for future generations. You may need to relinquish the assets at the time the trust is formed. Trusts may be able to protect your assets from things like litigation, thus preserving what is yours for your loved ones. You may also name a charity as the beneficiary of a trust. There may be certain tax benefits to doing so that your trust attorney can help you to discern. Creating such a trust may even help you to change the tax bracket that you fall into for a particular year.

Hopefully, you will be here to enjoy your estate along with your loved ones for many years to come. In the event that doesn't occur, be sure that your will and trusts distribute your estate as you want it to be done.

Make sure your will works for you and your family and have a trusted attorney overlook your will even if you choose to create a do-it-yourself will. Contact our law office for more information on creating a Las Vegas Nevada will.