Nevada estate owners need protection to prevent major losses for their families. Through estate planning for their estate, they acquire the opportunity to protect their assets by reducing the size of the estate and transferring ownership earlier. Through asset protection in Law Las Vegas, NV, these estate owners gain these opportunities for complete protection.
What Happens During the Probate Process?
The first step of the probate process is to determine if any lien holders or creditors require settlement of debt. The probate process allows these creditors to demand full payment of the account owned by the estate owner. This allows them to force the administrator to settle the debts before the will is administered.
Can Creditors Seize Property or Assets?
Yes, creditors can seize property and assets. Any creditor with a lien against a given property has the right to seize the property for the total payment of the outstanding balance. However, if the property is a residential home, the creditor gains only the value owed to them and not the full value of the property.
The court could also liquidate select properties and assets to collect outstanding balances. They must evaluate the estate to determine what items could generate these funds through a sale or auction. Once the court concludes the probate process, the beneficiaries gain access to the estate.
How to Protect Assets Before You Die
The planning process allows the estate owner to set up accounts, such as foundations and trusts, into which they can transfer their wealth. The attorney helps the estate owner determine what options could present them with the most protection, for example, setting up separate accounts to settle debts. These accounts could also include insurance opportunities that pay off if there is a balance owed after the owner’s death.
Nevada estate owners gain protection through estate planning strategies. These opportunities allow the estate owner to award ownership to their family members at an earlier time. They also allow for protection through provisions linked to the power of attorney and a health care directive. Estate owners who need help through asset protection in Law Las Vegas, NV should contact Grant Morris Dodds or browse the website for more information today.