A pour-over will is a special will that provides that some or all of a person’s assets be transferred to their trust rather than specific beneficiaries or heirs through the probate process. Any assets unaccounted for “pour over” into the person’s trust, helping the estate avoid costly probate. Here is a closer look at what this legal document entails.
In most cases, assets that are subject to the probate process in Nevada are those that are owned solely by the deceased person. Many assets do not need probate, which can be a lengthy court process. Here is more on probate and non-probate assets in Nevada.
A durable power of attorney ensures a person’s affairs are taken care of by someone they trust if they become mentally incapacitated and avoid a costly guardianship proceeding. A durable power of attorney is a legal document that allows a person to authorize another to manage their financial affairs. The person who grants the authority is known as the principal, while the one who has been granted the authority to act on behalf of the principal is known as the agent.
Having a will as the only estate planning tool may not be enough because wills do not address certain issues, such as planning for a health crisis in a person’s lifetime or saving a person’s family from probate. Most people require more planning than what a will provides in Reno. A comprehensive estate plan addresses lifetime issues and ensures a person’s desires are abided by, and the estate is protected without the hassle and expense of probate litigation.