Avoiding Probate in Las Vegas
Las Vegas and Henderson Probate Lawyer
Probate can be a potentially time-consuming and costly process for family members if their deceased loved one did not plan for the probate of his or her estate. There are certain assets, such as life insurance proceeds, IRAs, 401(k) accounts, and other tax-deferred retirement plan proceeds do not require probate because they have named beneficiaries will receive the proceeds after the creator passes away.
Other properties and items are subject to probate, however, if a person did not create a comprehensive estate plan and organize how their estate may be transferred to beneficiaries without involving the probate court. Our Las Vegas probate lawyer at Roland Law Firm may help clients avoid the probate of their estate by establishing certain types of accounts, trusts, ownerships, and/or securities.
How to Avoid Probate
When a person has joint tenancy with the right of survivorship, the property is jointly owned will not go through probate when one of the owners passes away. The property will automatically pass to the remaining owner or owner, and will not be counted in the deceased's probate estate. Creating payable on death accounts is another way to avoid the probate of certain assets. Payable on death bank accounts name a beneficiary who will receive full ownership of the money held in the account after the creator passes away.
Transfer on death securities, such as stocks, bonds, and brokerage accounts are similar to payable on death accounts. The account holder owns the rights while they are alive, and the listed beneficiary will receive the security's assets after the holder passes. Establishing a revocable living trust may be in a person's best interest to avoid probate of certain assets and properties, as well. Since the trustee holds the title of the items in the trust, they are not counted towards the grantor's probate estate.
Probate Attorney in Las Vegas, NV
If you are not prepared for the probate of your estate, please contact our office. We are more than capable of helping clients create estate plans will help their loved ones avoid the probate of clients' estates.
Please contact our firm to learn more about our probate law services!