Carson City & Douglas County, NV Trusts and Wills Attorney

When clients call our office they often state, "I just need a will."  We then discuss with them the various reasons why they might want to consider an comprehensive estate plan, rather than just needing a will. 

A will is a perfectly acceptable estate planning tool.  It can be simple or complex.  It must be witnessed by two people when executed.  The challenging part about a will is that, to be effected, it must be probated.  Probate is the process of determining that the will is valid, appointing the executor, inventorying the assets of the estate, advertising to allow creditors to file claims against the estate, selling certain assets and distributing the rest.  This doesn't sound that difficult, but the probate process requires the executor to obtain court permission at each of the above steps.  Detailed documents are filed in the public records at each step along the way.  And, last but not least, the process takes about six months, or much longer if there are many assets or there is more than a minor wrinkle in the process.  The average cost of a probate exceeds 5% of the gross value of the assets (if filing fees, appraisals, publications, and attorneys and executors fees are included).

On the other hand, a well funded revocable trust is also a perfectly acceptable estate planning tool.  It, too, can be simple or complex.  Most are notarized, but do not need two witnesses.  The greatest value of a trust is that it need not be probated. A trustee generally follows the above steps but without court oversight, without the public disclosure of personal information, and in a much shorter period of time.  Because there are no formal documents filed with the Court, the process is much cheaper and should cost no more than 2% of the gross value of the estate, often much less.  

Any client who obtains a trust or a will should also obtain powers-of-attorney for both medical and financial matters.  A will only works after a person dies and it is critical in this age of modern medicine to document your wishes for recovery and end-of-life decisions.  It is also critical to identify that person who will manage your finances in the event you become unable to do so. 

When considering your estate plan - remember -- you are passing all that you have.  It is not a decision that should be left unmade or where you should choose the simple over the effective!