| ENCE LAW
FIGHTING FOR YOU AND PROTECTING YOUR RIGHTS!
RIGHTS TO DICTATE YOUR ESTATE
FACT #1: The State of Nevada has already created an estate plan for each of it's citizens, it is called the "intestate" statutes. If you have wishes that are not in accordance with the "intestate" statutes, or you want to dictate who will act as your personal representative in administering your affairs, then you should consider a Will or Trust as part of your estate plan.
FACT #2: If you have a Will, you will be subject to Probate. Probate is the process of proving the validity of a Will to the Court. The Court then oversees the transfer of property and settling the affairs of the deceased’s estate.
If you have a proper Trust, which includes provision for distribution of all of your assets, you can specify how your assets are to be distributed without oversight from the Court.
If there is no Will or Trust, a process known as Administration is used to settle a deceased person’s affairs in accordance with "intestate" statutes.
FACT #3: If you are in possession of a deceased person’s Will, you must file it with the Court within 30 days of the death.
FACT #4: If a deceased person’s assets exceed $20,000, or if real estate is involved, and if no Trust exists to dictate the division of assets, then a probate will be required. If a probate is necessary, it should be opened as soon as practical following the person’s death.
FACT #5: The State of Nevada does not impose restrictions on residency of an Executor (the personal representative in the case of administration of a Will), but does require a non-resident administrator to associate a co-administrator in the case of administration without a Will. Since a Trust is a creation of contract, a successor trustee (the personal representative in the case of administration of a Trust) can be who ever is nominated in the original trust.
FACT #6: If you have firearms regulated as a Class 3 Firearm by the National Firearms Act (e.g. silencers, machine guns, short barrel rifles, short barrel shotguns and AOWs), you may not be able to transfer them to your heirs unless they first pay a tax of $200.00 per regulated firearm, and file a Form 4, Application For Tax Paid Transfer and Registration of Firearm that the Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF). It usually takes between 6-18 months for ATF to process a Form 4.
FACT #7: If you have firearms subject to probate, or regulated as a NFA Class 3 devices, there will be public record showing what you had, and who inherited it.
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HOW YOU CAN HELP YOUR LAWYER PLAN YOUR ESTATE
TIP # 1: Begin the administration of an estate as soon as possible so assets can be protected and inventoried, final tax returns can be filed and the debts of the estate paid.
TIP # 2: If there are no real estate holdings and the value of the estate is under $20,000, the heirs may initiate proceedings 40 days after the death. These parties may use a form called an Affidavit of Survivorship to apply for release of the asset(s) from any person or business holding those assets (such as a bank, stock brokerage company or pension plan administrator).
TIP # 3: Although you can make your own "holographic will" at any time by handwriting a signed and dated document that disposes of your assets, and directs the administration of your affairs, you should do so with caution. It is usually better to seek the counsel of an attorney who can discuss the particulars of your estate, your specific wishes, and who can draft a formal Will or a proper Trust to help ensure that your affairs are conducted according to your wishes.
TIP # 4: Normally you will be required to obtain a separate Tax Identification Number (TIN) for an estate. You should not use the deceased person’s social security number in most cases. A Tax Identification Number for the estate can usually be obtained from the Internal Revenue Service by your attorney.
TIP # 5: In the case of a Probate, the only person allowed access to a deceased person’s assets will be the court-appointed Administrator or Executor of the estate. In the case of a trust, the person allowed to access a deceased person’s assets is the successor trustee. In either case, this personal representative will need to perform a complete inventory of the deceased person's estate, and is the only one who has authority and responsibility for those assets.
TIP # 6: Holding your firearms in a National Firearms Act ( NFA) “Firearms Specific Trust” (Sometimes referred to as a “Gun Trust”) can allow you to pass any number of Class 3 Firearms to your co-trustees, without requiring that the co-trustee’s file a Form 4, or pay the $200.00 per regulated firearm tax.
TIP # 7: A “Firearms Specific Trust” can help eliminate the possibility of a public record showing who inherits your firearms.
TIP # 8: A “Firearms Specific Trust” is not only a means to keep you safe and legal, but to provide guidance to your beneficiaries so they can be safe and legal too.
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