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Probate - What happens when someone dies without a Will.

A significant mis belief exists when someone dies without a Last Will and Testament that the state in which the deceased died will receive the deceased's property. For 99.99% ...of all people who die without a Last Will and Testament, the deceased's property WILL NOT GO TO A STATE OF THE UNION. On the office chance a state receives anything is because the deceased did not have any heirs (those individuals such as spouses, children, grandchildren, siblings, and nieces and nephews). When property goes to the to a state, it is known as escheat.

Nevada and all 50 other states of the Union have a statutory scheme designating who in line will take when and how much by share. Nevada has such statutory scheme called Succession and is located in Chapter 134 of the Nevada Revised Statutes. Other states may call their statutes intestacy (meaning dying without a will who will take). These statutes arise out of public policy believing that people do not intentionally disinherit family. This prevents or mitigates unintentional impoverishment and causing people to seek state assistance.

While NRS Chapter 134 exists to protect families in Nevada and thus possibly eliminate the need to have a will created, the Chapter may provide for someone you do not want to receive property after you die. If that is so, then consideration should be given to creates a Last Will and Testament, or created a Revocable Living Trust, or other transfer method to direct your property to whomever you desire.

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About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate - What are Personal Representative (Executor) Duties?

Probate - What property is subject to Probate?

This video defines property subject to probate, or in short, probate property.

The viewer of this video and/or the reader of this description will learn how to determine probate property, and ...thus fulfill a fiduciary duty to collect, or marshal, property the deceased left behind and report the same to heir of the deceased or devisees in a will in a probate.

Property a deceased lives behind is either non-probate or probate. Probate property is defined by what it is not. If property a deceased leaves behind neither transfers by operation-of-law nor by contract, then by default the property is subject to probate. So what does all of this mean?

Property Passing by Operation of Law:

A common example of property passing by operation of law usually found on a deed describing title held by concurrent owners such as joint tenancy, joint tenancy with operation of law, transfer on death deed, or if a married couple lives in a community property state such as Nevada, community property with rights of survivorship. A distinctive characteristic of this type of property conveyance is a governmental agency is involved - like the a county recorder office that records and tracks deeds to real property in a county or parish.

Property Passing by Contract:

A common example of property passing by contract is a life insurance policy, or a transfer on death bank account, and a revocable living trust. distinctive characteristic of this type of property conveyance is a private party is involved like a bank, an insurance company, a trust company, or a natural person.

Factors that do not determine property is subject to probate: Income and estate taxability, promises of the deceased before death, while indicative, writings alone on a bank statement or checks.

Factors that help determine whether property is subject to probate: Bank card at the bank or how bank indicates title, auto titles, deeds to real property, how insurance company indicates title.

________________________________________________________________________________________________
Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate - What happens when someone dies without a Will.

A significant mis belief exists when someone dies without a Last Will and Testament that the state in which the deceased died will receive the deceased's property. For 99.99% ...of all people who die without a Last Will and Testament, the deceased's property WILL NOT GO TO A STATE OF THE UNION. On the office chance a state receives anything is because the deceased did not have any heirs (those individuals such as spouses, children, grandchildren, siblings, and nieces and nephews). When property goes to the to a state, it is known as escheat.

Nevada and all 50 other states of the Union have a statutory scheme designating who in line will take when and how much by share. Nevada has such statutory scheme called Succession and is located in Chapter 134 of the Nevada Revised Statutes. Other states may call their statutes intestacy (meaning dying without a will who will take). These statutes arise out of public policy believing that people do not intentionally disinherit family. This prevents or mitigates unintentional impoverishment and causing people to seek state assistance.

While NRS Chapter 134 exists to protect families in Nevada and thus possibly eliminate the need to have a will created, the Chapter may provide for someone you do not want to receive property after you die. If that is so, then consideration should be given to creates a Last Will and Testament, or created a Revocable Living Trust, or other transfer method to direct your property to whomever you desire.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate - What are Personal Representative (Executor) Duties?

Probate - When someone dies without a Will ~ Installment #024

Probate and Trust Administration - Disposition of Personal Property ~ Installment #028

Probate - What are Personal Representative's duties?

Friday Probate Reports - Episode 2

Nevada Revised Statutes 139.040

In the probate a father had filed a petition to be a personal representative of a the estate of his son. The ex-spouse of the deceased filed ...a competing petition saying she had standing to be the personal representative because she was the mother of the deceased's child.

The Probate Commissioner ruled that the father has priority over the ex-spouse of the deceased under NRS 139.040.

How this situation could have been avoided is by having a will properly created clearly setting out who you want named those individuals you want to serve as personal representative after you die.

Nevada Revised Statutes reflects public policy on what is believed an individual would want at death. What public policy says is likely not what one would want to provide for in the will or who will be selected as personal representative.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary Accounting
Tax Preparation and Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate in the Ordinary Course in Nevada ~ Installment #032

Ways to convey property after death ~ Legal Concepts ~ REVEALED!