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Category: Legal Terminology

What is a “By Representation” Distribution Plan?

In Nevada law, "by representation" distribution refers to the way in which assets are distributed among multiple beneficiaries through an estate plan, i.e., a will or a trust. One should consider how they want their assets to “flow,” to their beneficiaries in the event of contingencies that may occur, such as a child dying before the death of the last grantor, referred to as the “surviving spouse” or “surviving grantor”.

There is no Common Law Marriage in Nevada

Common law marriage was a legal concept that recognized a legal marriage by virtue of people living together and acting as if they were spouses, even if they did not go through a formal ceremony or obtain a marriage license. In Nevada, common law marriage is not recognized, in fact, it was abolished in 1943, which means that a couple must go through the formal process of obtaining a marriage license and having a ceremony to be legally married.

What is Probate?

A Nevada probate is the legal process of transferring assets that takes place after someone dies without a trust or proper estate planning. Probate is the court’s “transfer” of assets from the deceased to the living. The process is public, it can be simple or complex, depending on the circumstances, and usually costs more money than drafting a trust

What is a Community Property State?

A community property state is a type of legal system that determines how property and assets are owned by married couples. In these states, any property or assets that are acquired during the marriage are owned equally by both spouses, regardless of which spouse actually paid for the property or asset.  This means that 50 cents of every dollar each partner earns is owned by the other partner.  

What is a Trust Grantor?

Under Nevada law, the “grantor” or “grantors” of a trust is an individual or entity who creates a trust and transfers assets to the trust. This transfer is called “funding”. A trust is a legal instrument where a grantor transfers assets to the trust which are then managed by a trustee.

What is a Trust Protector?

A trust protector is usually a person, but can be an entity, a grantor appoints to supervise and safeguard the interests of the grantor or grantors. They serve as a watchdog over the trustee and are aware of the trust terms. The protector usually has the authority to oversee the process of the trustee and their management of the trust assets.

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