Incline Village Estate Planning Attorney Jeremy Eveland
Discover expert estate planning in Incline Village, Nevada with attorney Jeremy Eveland. Learn about wills, trusts, probate & more to secure your legacy. Read now!
Incline Village Estate Planning Attorney Jeremy Eveland
Estate planning can be a complex and often daunting process. However, it doesn’t have to be when you understand the principles and laws governing it. In this detailed article, you’ll learn all about estate planning in Incline Village, Nevada, through the expertise and guidance of attorney Jeremy Eveland. Featuring real-life scenarios, applicable Nevada Revised Statutes, and practical advice, this article aims to empower you with essential legal knowledge that will aid you in your estate planning journey.
Who is Jeremy Eveland?
Jeremy Eveland is a seasoned estate planning attorney based in Incline Village, Nevada. With years of experience in handling estate plans that cater specifically to residents of Nevada, Jeremy understands the nuances of local laws and how they differ from federal statutes. His comprehensive services include wills, trusts, estate tax planning, and probate administration.
If you wish to know more about Jeremy and his estate planning services, you can visit his profile here: Jeremy Eveland Nevada Estate Lawyer.
Why Estate Planning Matters
Estate planning is not just for the wealthy; it’s a crucial step for anyone who wants to ensure their assets are managed according to their wishes after their death. It involves making detailed decisions about who will inherit your property, who will manage your estate, and how to minimize taxes and legal fees.
Protecting Your Loved Ones
By setting up a solid estate plan, you protect your loved ones from legal battles and financial strain. It provides explicit instructions on asset distribution and can significantly reduce the amount of taxes owed on the estate.
Minimizing Taxes
Utilizing instruments like trusts, you can reduce the taxable amount of your estate. Nevada does not have a state estate tax, but federal estate taxes might still apply, and effective planning can help reduce this burden.
Avoiding Probate
Probate can be a lengthy and expensive process. An estate plan can help avoid probate through the establishment of living trusts, joint ownership, and payable-on-death accounts.
Key Elements of an Estate Plan
An effective estate plan should include several vital elements that cater to different aspects of your life and assets.
Wills
A will is a legal document where you specify how your assets will be distributed after your death. It’s crucial to have a legally sound will to avoid disputes among your beneficiaries.
Trusts
Trusts serve as a mechanism to transfer your property and can help minimize estate taxes, avoid probate, and manage your assets efficiently. In Nevada, specific types of trusts such as Revocable Living Trusts and Irrevocable Trusts are common.
Power of Attorney
A power of attorney is a legal document that grants someone the authority to act on your behalf in financial or medical matters if you are incapacitated.
Healthcare Directives
Also known as living wills, healthcare directives outline your preferences for medical treatment if you cannot communicate your wishes.
Nevada Revised Statutes on Estate Planning
Understanding Nevada’s legal framework is essential for effective estate planning. Here are some important statutes to note:
Wills (NRS 133)
Under the Nevada Revised Statutes (NRS 133), a will must be in writing and signed by the testator, or by someone else under the testator’s direction and in their presence, and be witnessed by two competent persons.
Trusts (NRS 163)
The NRS 163 outlines the regulations surrounding the creation, modification, and termination of trusts. According to NRS 163.009, a trust must be created by a property owner to be valid.
Probate (NRS 136)
The probate process in Nevada is governed under NRS 136, detailing the steps for validating a will. NRS 136.050 explains the necessary elements for admitting a will to probate.
Power of Attorney (NRS 162A)
The NRS 162A specifies that a power of attorney must be signed by the principal and must include specific language granting the authority for different matters.
Common Misconceptions About Estate Planning
Many people harbor misconceptions about estate planning, leading to procrastination and legal issues down the line. Below, we address some common myths:
Estate Planning is Only for the Wealthy
Contrary to popular belief, estate planning is essential for everyone, regardless of the size of your assets. It ensures your wishes are followed and provides for your loved ones.
Once Done, Estate Planning Doesn’t Need Updating
An estate plan should be a living document. Life changes — marriage, divorce, the birth of children, or significant purchases — necessitate regular updates to your estate plan.
Trusts Only Benefit the Beneficiaries
While it’s true that beneficiaries benefit significantly from trusts, they can also protect you during your lifetime, especially in cases of incapacitation.
Real-World Application
To illustrate the importance and operation of estate planning, consider the case of John and Mary, long-time residents of Incline Village. John ran a successful business, while Mary devoted her time to philanthropic activities. They wanted to ensure that their assets were distributed according to their wishes and their legacy preserved.
Scenario 1: Creating a Will
John and Mary approached Jeremy Eveland to draft their wills. Jeremy carefully outlined their wishes, ensuring compliance with NRS 133. When John unexpectedly passed away, his will was quickly admitted to probate, minimizing legal hassles for Mary.
Scenario 2: Establishing a Trust
Jeremy also helped John and Mary create a Revocable Living Trust under NRS 163. This trust held their family home and other significant assets. When Mary faced medical incapacitation, the trust provided clear directives, avoiding lengthy legal disputes and allowing for efficient management of their assets.
How to Start Your Estate Planning Journey
The first step is to consult with an experienced estate planning attorney like Jeremy Eveland. He’ll walk you through your options, help draft essential documents, and make sure your estate plan complies with Nevada law.
Gather Your Documents
Prepare a list of all your assets, including property deeds, bank accounts, retirement accounts, and life insurance policies. This will serve as a foundation for your estate plan.
Think About Your Wishes
Clearly outline your objectives — who you want to inherit your assets, who should be in charge of executing your will, and your preferences for medical care if incapacitated.
Consult a Professional
Meet with Jeremy Eveland or another experienced estate planning attorney to tailor an estate plan that meets your needs and complies with Nevada law.
Frequently Asked Questions About Estate Planning in Incline Village
What happens if I die without a will in Nevada?
If you die without a will (intestate), your assets will be distributed according to Nevada’s intestacy laws (NRS 134). This means that your assets might not go to the people you would have chosen.
How often should I update my estate plan?
It’s advisable to review and possibly update your estate plan every three to five years, or after any significant life events such as marriage, divorce, birth of a child, or a major purchase.
Can I make my own will without an attorney?
While it’s legally possible to create your own will, it’s highly recommended to seek professional advice to ensure all legal nuances and requirements (NRS 133) are met.
What is the difference between a living will and a will?
A living will (healthcare directive) outlines your wishes for medical treatment if you become unable to communicate them, whereas a will deals with the distribution of your assets after your death.
How do I avoid probate in Nevada?
Establishing a Revocable Living Trust is one effective way to avoid probate. Other methods include holding property in joint ownership or designating beneficiaries on accounts.
Conclusion
Estate planning is a vital yet often misunderstood aspect of preparing for the future. Whether you’re looking to protect your loved ones, minimize taxes, or avoid probate, a well-structured estate plan is essential. With Jeremy Eveland’s expertise in Incline Village, you can navigate the complexities of Nevada’s estate planning laws confidently and responsibly.
If you found this article helpful, please clap, leave a comment, and subscribe to our Medium newsletter for regular updates on estate planning and other legal matters. Your feedback and engagement are invaluable to us. 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.
