Glenbrook Estate Planning Attorney Jeremy Eveland

Discover the essentials of estate planning with Glenbrook attorney Jeremy Eveland. Learn Nevada laws and secure your future. Read now to protect your assets and rights.

Glenbrook Estate Planning Attorney Jeremy Eveland

Navigating the complexities of estate planning can be overwhelming. That’s why having a knowledgeable attorney like Jeremy Eveland by your side is invaluable. This article aims to provide you with a comprehensive guide on estate planning, specifically tailored to Glenbrook, Nevada. Here, you’ll gain insights into the fundamental principles of estate planning, discover legal regulations per the Nevada Revised Statutes, and explore how these laws protect your rights and help resolve disputes.

Who is Jeremy Eveland?

Jeremy Eveland is a highly reputed estate planning attorney based in Glenbrook, Nevada. He brings a wealth of experience and expertise in dealing with the intricacies of estate law. Eveland’s dedication to his clients and his in-depth knowledge of Nevada’s legal landscape make him an invaluable resource for anyone looking to secure their future and protect their assets. Jeremy Eveland has made it his mission to empower individuals with the legal knowledge they need to make sound decisions.

Understanding Estate Planning

Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. This includes the bequest of assets to heirs and the settlement of estate taxes. The most straightforward solution for estate planning is a will, but there are various other tools like trusts, powers of attorney, and advance healthcare directives.

In Glenbrook, Nevada, estate planning is especially crucial due to the state’s specific laws. These laws influence how your estate will be distributed if you pass away without a will, and they also determine who will handle your affairs if you become incapacitated.

Key Components of Estate Planning

Estate planning involves several key components:

• Will: A legal document that outlines who will receive your property after you pass away.
• Trusts: Arrangements that allow a third party, or trustee, to hold assets on behalf of beneficiaries.
• Power of Attorney: Grants someone the authority to handle your affairs if you become incapacitated.
• Healthcare Directives: Includes living wills and medical powers of attorney, which address your healthcare preferences in case you are unable to communicate them yourself.

Real-World Applications

Imagine you are living in Glenbrook and have considerable assets like a house, investments, and personal belongings. Without an estate plan, these assets might not be distributed according to your wishes upon your death. Nevada law (NRS 134.050) specifies intestate succession, which dictates how your property will be divided if you haven’t left a will. If clarity and precision are what you seek, an estate plan tailored by an experienced attorney like Jeremy Eveland can ensure your assets are distributed as you desire.

Nevada Estate Planning Laws

Nevada Revised Statutes (NRS) on Estate Planning

The Nevada Revised Statutes (NRS) provide comprehensive guidelines for estate planning. These laws are meant to protect the rights of the decedents and ensure that their wishes, as expressed in their estate plans, are honored.

NRS 133 — Wills

This chapter outlines the requirements for creating a valid will in Nevada. According to NRS 133.040, a will must be in writing, signed by the testator (or another person under the testator’s direction and in their presence), and witnessed by at least two competent witnesses.

NRS 164 — Trust Administration

This chapter deals with the creation and administration of trusts. It ensures that trusts are managed according to the terms set by the trustor. As per NRS 164.010, trustees are required to follow fiduciary duties and act in the best interests of the beneficiaries.

NRS 162A — Power of Attorney

The laws in this chapter give detailed information regarding the power of attorney, which is a legal document allowing someone you trust to handle your affairs. According to NRS 162A.220, a durable power of attorney remains effective even if the principal becomes incapacitated, ensuring smooth management of their responsibilities.

How Laws Protect Your Rights

Nevada’s estate planning laws are designed to ensure that your wishes are respected and that your beneficiaries receive what you intended. They offer mechanisms to resolve disputes and provide a framework for the management of your estate. For example:

• Protection of Minor Children: NRS 133.160 allows you to appoint a guardian for minor children in your will.
• Spousal Rights: Under NRS 123.220, Nevada is a community property state, meaning assets acquired during marriage are jointly owned and must be equally divided.
• Dispute Resolution: The statutes provide for legal processes to resolve disputes over the estate, including mediations and court proceedings.

Addressing Common Misconceptions

“I Don’t Have Enough Assets for Estate Planning”

Many people believe they don’t have enough assets to warrant estate planning. This is a misconception. Whether you have a modest home or a substantial portfolio, estate planning is vital. Without a plan, your estate will go through probate court, which can be time-consuming and costly.

“Wills and Trusts are the Same Things”

Another common misconception is that wills and trusts serve the same purpose. While both are instrumental in estate planning, they serve different functions. A will takes effect after your death, while a trust can operate during your lifetime and after. Trusts can also help you avoid probate, saving your beneficiaries time and money.

“I’m Too Young to Worry About Estate Planning”

Estate planning isn’t just for the elderly or the ill. Life is unpredictable, and having a plan in place provides peace of mind knowing your affairs are in order.

“Estate Planning is Just About Dividing Assets”

While distributing assets is a critical component of estate planning, it’s also about ensuring that your wishes are respected in case you become incapacitated. This includes healthcare directives and appointing someone to make financial decisions on your behalf.

“I Can Do Estate Planning Myself”

Although there are DIY estate planning tools available, they come with risks. Estate laws are complex and vary by state. A professional like Jeremy Eveland can ensure your estate plan complies with Nevada laws and truly reflects your wishes.

Practical Applications and Common Pitfalls

Scenario-Based Illustrations

Consider a scenario where Linda, a Glenbrook resident, passed away suddenly without an estate plan. Her family had to navigate a lengthy probate process, incurring significant legal fees, and her assets were not distributed as she would have wished. This could have been avoided with a comprehensive estate plan crafted by Jeremy Eveland.

Another example could be John, who became incapacitated after a car accident. Without a power of attorney, his family struggled to manage his medical and financial affairs. An advance healthcare directive and durable power of attorney would have provided clear instructions, avoiding additional stress during an already difficult time.

Common Pitfalls

• Failing to Update Your Plan: Life changes such as marriage, divorce, the birth of a child, or acquiring new assets necessitate updating your estate plan.
• Not Considering Tax Implications: Estate taxes can substantially reduce the value passed on to heirs. An attorney can advise on the best strategies to minimize tax liabilities.

Frequently Asked Questions

1. What happens if I die without a will in Nevada?

If you pass away without a will, Nevada’s intestate succession laws (NRS 134.050) will determine how your assets are distributed. Your property might not go to the people you intended.

2. How often should I update my estate plan?

It’s advisable to review your estate plan every three to five years or after significant life events such as marriage, divorce, birth of a child, or acquiring new assets.

3. What is probate, and can it be avoided?

Probate is a court-supervised process for distributing a deceased person’s estate. It can be time-consuming and expensive. Setting up a trust can help avoid probate, ensuring a quicker and more private distribution of your assets.

4. What is a living will?

A living will is a type of advance healthcare directive that outlines your wishes regarding medical treatments if you are unable to communicate them yourself. It helps guide your healthcare providers and loved ones in making critical decisions.

5. Why should I hire an estate planning attorney?

An experienced estate planning attorney like Jeremy Eveland can provide tailored advice, ensure your plan complies with Nevada law, help you avoid common pitfalls, and offer peace of mind that your estate is in order.

Conclusion

Estate planning is a critical process that ensures your assets are distributed according to your wishes and your loved ones are cared for. Understanding Nevada estate planning laws and having a professional guide like Jeremy Eveland can make all the difference in securing your future. Don’t wait. Start your estate planning today to safeguard your assets and provide peace of mind for you and your loved ones.

If you found this article helpful, please clap, leave a comment, and subscribe to our Medium newsletter for updates on estate planning and other legal topics. When you need to speak with a Nevada Estate Planning Attorney, call lawyer Jeremy Eveland (702) 302–4757.

The information contained in this article is for information purposes only and is not legal advice. For legal advice, hire a competent lawyer in your jurisdiction.