How to avoid probate in Nevada

When someone dies, their estate must go through a legal process known as probate in order to be distributed to the deceased person's heirs.

This process can be time-consuming and expensive, which is why many people in Nevada choose to take steps to avoid probate. In this blog post, we will discuss the strategies you can use to avoid probate in Nevada. Keep reading for more information!

Estate planning strategies you can use to avoid probate in Nevada:

Set Up a Living Trust: A living trust is another way to avoid probate. If you set up a living trust and transfer your assets into the trust, the estate will be distributed according to the terms of the trust without having to go through probate.

Make beneficiary designations: You can also avoid probate by making beneficiary designations for your assets. For example, if you have a life insurance policy or a retirement account, you can name a beneficiary who will inherit the assets upon your death.

Use joint ownership: You can also avoid probate by using joint ownership. If you own an asset jointly with another person, the asset will automatically pass to the other person upon your death.

Create a payable-on-death account: A payable-on-death account is another way to avoid probate. When you open a payable-on-death account, the assets in the account will be distributed to the designated beneficiaries upon your death.

Use a transfer-on-death deed: A transfer-on-death deed is another way to avoid probate. When you use a transfer-on-death deed, the property will be transferred to the designated beneficiaries upon your death.

Make a gift: You can also avoid probate by making gifts. If you make a gift of property to someone, the property will be transferred to the recipient without having to go through probate.

Create a family limited partnership: A family limited partnership is another way to avoid probate. When you create a family limited partnership, the assets of the partnership will be distributed to the designated beneficiaries without having to go through probate.

Use a pour-over will: A pour-over will is another way to avoid probate. When you create a pour-over will, any assets that are not transferred to the living trust or other estate planning documents will be transferred to the trust upon your death. This ensures that all of your assets are distributed according to your wishes.

As you can see, there are many ways to avoid probate in Nevada. If you are interested in planning your estate get in contact with an estate professional.

Need Help From Trusted Estate Planning Professionals?

With the help of knowledgeable estate planning professionals, you can save your heirs time and money. Contact the estate planning team at ClearEstate to set up a free consultation today.