If a person’s assets have not been adequately tended to when they die, those assets will most likely be divvied up in probate court. While this may seem standard, it’s actually a thing to be avoided. Probate proceedings tend to be fractious, not to mention costly and unending. Within the state of Nevada, there are a variety of things individuals can do to ensure that their assets are divided after their deaths without the need for probate proceedings. Below, we’ll go over some of the most common steps people take to accomplish this.

Establishing Joint Ownership

For property that is shared between two individuals, it is advisable to establish joint ownership in the state of Nevada. The reason for this is simple. In the event of one of the two parties demise, the jointly owned property will pass on to the other through right of survivorship. This necessarily obviates the need for property to change hands in probate court.
With respect to marriage, there is an important feature of this to note. Nevada is a community property state, and this means that any property that a couple amasses over their time together is considered by the state to be jointly held. Of course, spouses can choose to keep certain properties separately. Doing this, however, will require that effort be taken on both of their parts.

Creating a Living Trust

A trust is a legal entity that holds property on behalf of the person establishing the trust, known as the grantor. This property can include everything from financial assets to automobiles.
When you’re using a trust to pass along property and assets after your death, there are a few things that you’ll need to do. First, you’ll need to designate someone to be the successor trustee, who is the person that will get control over the trust after your demise. Secondly, you’ll want the trust to be explicit as to how the assets contained within will be divvied up after your death.

Transfer- and Payable-on-Death Stipulations

Nevada allows certain assets and properties to be designated as payable--or transferable--on-death. For example, an individual can elect to add payable-on-death stipulations to their bank accounts. When that individual passes away, the person to whom the account has been designated as payable-on-death can come to claim the funds without having to receive them through probate.
Financial assets are not the only thing that can be passed along this way. Real estate, automobiles and securities can also be designated to be transferrable-on-death. For real estate, you can file a transfer-on-death deed with the state, and for automobiles you can file a transfer-on-death registration. For securities, you will need to consult your brokerage and fill out the necessary forms with them.

Other Ways to Avoid Probate in Nevada

There are, of course, a variety of other means by which a person can arrange their estate so that it does not end up in probate after his or her demise. In order to discover these ways and how they can be applied to your particular situation, you should consult with a highly qualified Nevada estate planning attorney, like the ones at Clear Counsel Law Group. They will be able to go over the full range of options that are available to you.

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