When family members discover they’ve been left out of a parent’s estate plan, it can trigger feelings of confusion and frustration. With the ongoing wealth transfer between generations, many anticipate receiving an inheritance, but evolving financial realities often disrupt these expectations. For Nevada families, understanding the legal aspects of disinheritance is essential. Anderson, Dorn & Rader Ltd., a leading estate planning firm in Reno, offers expert guidance for individuals navigating these sensitive situations.
This article provides an overview of inheritance trends, explores possible legal challenges, and identifies when professional legal help is necessary to protect your interests.
According to financial experts, nearly $84 trillion will pass from older to younger generations by 2045, a phenomenon known as the “Great Wealth Transfer.” However, many adult children may not inherit as much as they expect.
Parents are living longer, spending more on retirement, and facing increasing healthcare costs, which can significantly reduce the wealth passed down. Surveys reveal that over half of millennials expect an inheritance of around $350,000 or more, but baby boomers often plan to leave far less. Some don’t plan to leave anything at all, having spent savings on long-term care or lifestyle expenses.
This mismatch in expectations highlights the importance of open family discussions. Anderson, Dorn & Rader Ltd. encourages families to engage in proactive estate planning conversations to avoid misunderstandings and provide clarity on inheritance plans.
In Nevada, children do not have an automatic right to inherit from their parents. If an estate plan explicitly disinherits someone, challenging it can be difficult. However, there are specific circumstances where contesting a will or trust may be legally valid.
Lack of mental capacity can provide grounds to contest an estate plan. If a parent was not of sound mind when drafting their will or trust, the document could be considered invalid. Additionally, undue influence—such as pressure from a caregiver or family member to alter the estate—may also lead to legal challenges.
Errors or misunderstandings are another valid reason to contest a will. For instance, if a parent mistakenly disinherited a child based on false assumptions, such as a belief that the child had financial issues or struggled with addiction, the will or trust may be challenged.
Successfully contesting an estate plan requires clear evidence and professional legal representation. Anderson, Dorn & Rader Ltd. specializes in navigating Nevada’s estate planning laws and offers personalized advice to evaluate your case.
It’s important to identify signs that something may have gone wrong during the estate planning process. A few red flags to watch for include unexplained changes to the estate plan, especially those made shortly before the parent’s death. These alterations can raise questions about undue influence or cognitive decline.
Unknown beneficiaries can also be a cause for concern. If significant assets are left to someone outside the family, such as a new acquaintance or recently involved organization, this may indicate manipulation. Similarly, if one sibling or caregiver receives the majority of the estate without a clear reason, it is worth investigating.
Anderson, Dorn & Rader Ltd. can help uncover inconsistencies in an estate plan and determine if legal intervention is necessary. Their experienced team knows how to gather evidence, analyze documents, and protect your interests through every step of the process.
Navigating estate plans and inheritance disputes without professional help can be overwhelming. Working with knowledgeable estate planning attorneys ensures that you understand your options and rights, minimizing the stress involved in these situations.
Anderson, Dorn & Rader Ltd. provides comprehensive estate planning services in Reno, helping clients access probate records, analyze estate documents, and develop legal strategies. If a parent’s estate plan has gone through probate, their attorneys can help obtain these records to identify beneficiaries and distributions.
The team also offers expert advice on legal strategies. Whether you suspect manipulation, need to access trust documents, or wish to contest an estate plan, their attorneys provide the support necessary to navigate Nevada’s probate courts effectively. Estate planning attorneys offer more than legal expertise—they provide clarity and peace of mind during a time of emotional uncertainty.
Taking the Next Steps with Confidence
If you have questions about your rights or suspect issues with a parent’s estate plan, Anderson, Dorn & Rader Ltd. in Reno is here to help. Their experienced team offers personalized guidance to determine your best course of action. Whether contesting a will, reviewing probate documents, or exploring your inheritance rights, their legal expertise ensures you navigate Nevada’s estate planning laws with confidence.
Why Professional Guidance Makes a Difference
Being excluded from a parent’s estate plan can be difficult, but understanding your legal options empowers you to take action. With trillions of dollars transferring between generations, having a clear plan is essential.
If you are dealing with disinheritance, knowing when to seek professional support is critical. Anderson, Dorn & Rader Ltd. provides expert estate planning services tailored to meet your specific needs, ensuring your questions are addressed and your rights protected.
When planning for the future, few topics are more important than the care of your children and the protection of your assets. If something unexpected happens, ensuring your children are raised by someone you trust is essential. At Anderson, Dorn & Rader Ltd. in Reno, we understand the complexity of these decisions. One critical step is naming a guardian for your minor children and ensuring a sound financial plan that includes leaving an inheritance to grandchildren.
This article explores the importance of naming a guardian and trustee, financial planning for children’s future needs, and strategies to ensure that your legacy benefits your grandchildren.
In Nevada, if you don’t name a guardian, the court will make this decision for you, which may lead to unwanted outcomes. Judges are required to consider the child's best interests, but they do not know your personal values, preferences, or relationships. There is a risk that your children could end up with a relative you don't approve of or, in some cases, a stranger.
By naming a guardian, you gain control over who will raise your children and ensure their upbringing aligns with your values and vision for their future. Your selected guardian will step in to provide emotional support and continuity during a challenging time, following your wishes regarding their education, well-being, and daily life. This peace of mind can be invaluable for parents thinking long-term.
Selecting a guardian requires careful thought. Factors such as the relationship between the potential guardian and your children, their parenting style, and shared values are essential considerations. Stability is also crucial—how familiar your children are with the person, whether they live nearby, and if they can maintain your children’s current school, friendships, and routines.
It is also important to consider the guardian’s health, age, and long-term ability to care for your children. While grandparents may have time and experience, they may struggle with the physical demands of raising young children. On the other hand, younger guardians, such as siblings, may not be in a stable life stage to take on the responsibility.
Before making a decision, have open conversations with your chosen guardian to ensure they are comfortable taking on this role. Naming an alternate guardian provides an extra layer of security if your first choice cannot serve.
Raising children should not impose a financial burden on the guardian. Many parents plan ahead by designating funds through savings, life insurance, or other financial assets. These resources can cover essential needs like housing, education, healthcare, and daily living expenses.
When leaving an inheritance to grandchildren, it is wise to plan how these funds will be managed. Some parents also provide additional financial support, such as helping the guardian upgrade their home or buy a larger vehicle to accommodate their children comfortably.
Ensuring financial stability is crucial for your children’s future and eases the guardian’s responsibilities, allowing them to focus on providing emotional and practical care.
In many situations, it makes sense to assign separate individuals for the roles of guardian and trustee. While the guardian provides emotional and physical care, the trustee manages financial assets for your children or grandchildren. This division of responsibilities ensures that financial resources are used correctly, reducing potential conflicts of interest.
For example, a trusted family member who loves your children may not have the financial expertise to manage investments, life insurance payouts, or property assets. Appointing a trustee with financial experience ensures that funds are managed properly and distributed according to your wishes. This structure also creates accountability, preventing misuse of the inheritance meant to benefit your children or grandchildren.
If no guardian is named in your will or estate plan, a judge will decide who raises your children. In this situation, anyone—including estranged family members—can petition the court for custody. This process can lead to disputes among relatives and result in outcomes that may not align with your preferences.
Naming a guardian as part of your estate plan ensures the court respects your wishes. It also spares your children the emotional stress of uncertainty during an already difficult time.
Proactive estate planning, including naming a guardian and trustee, ensures that your children and grandchildren are protected. While these decisions are challenging, they are essential to creating a secure future for your family.
At Anderson, Dorn & Rader Ltd., we help families in Nevada develop customized estate plans. Whether you need guidance on naming a guardian or advice on leaving an inheritance to grandchildren, our team is here to help.
Planning for the unexpected is an act of love. Naming a guardian and planning financial support through life insurance or inheritance are critical steps in protecting your children’s future. At Anderson, Dorn & Rader Ltd., we offer personalized estate planning services tailored to your family’s needs.
Take the first step toward peace of mind by contacting us for a consultation. We’ll help you navigate the complexities of estate planning, from selecting guardians to managing finances for your children and grandchildren.
As estate planning attorneys, we sometimes hear from a client that wants us to provide damage control. The individual does not know where to turn, because their last surviving parent passed away without any estate planning documents in place. There are things that we can do in many cases to mitigate the damage, but this is a tough situation that could have been avoided.
They say that the only two certainties of life are death and taxes. With this in mind, everyone is prepared to file their tax returns on or before the 15th of April. For some unknown reason, many of the same people do not even consider the matter of estate planning. They are avoiding something that is absolutely inevitable, and their family members pay the price in the end.
Studies have been conducted periodically to gauge the estate planning preparedness of adults in the United States. LexisNexis probed into the situation, and they found that 55 percent of Americans do not have wills or any other estate planning documents in place. The figure is lower among older Americans, but still, many people in their 50s and 60s have been totally remiss.
If you pass away without an estate plan, the condition of intestacy will exist. The court will step in to name a personal representative to act as the estate administrator. Subsequently, the final debts will be paid out of the estate’s resources, and the remainder will be distributed in accordance with the intestate succession laws of the state of Nevada.
It is likely that you would not approve of the way your assets are distributed if you die intestate. For example, if you pass away with a surviving spouse and a parent still living, your spouse would not inherit everything. Your surviving spouse would inherit all community property, but just half of your separate property. Everything else would go to your parent.
As you can see, you must put a proper estate plan in place so that your true wishes will be carried out after you are gone. A last will is a possibility, but when you understand the facts, you will see that a revocable living trust is preferable in many ways.
If you use a last will as your vehicle of asset transfer, it would be admitted to probate. The court would be involved, and your loved ones that are named in the will would have to wait out a long, drawn out process. It typically takes about eight months to a year for a simple case to pass through probate, and no inheritances are distributed during this interim.
You probably do not want to see a lot of money go out the window that could have gone into the pockets of your loved one. If you feel this way, you may want to look for an alternative to a last will. Numerous expenses pile up during the probate process, including a court filing fee, the executor’s remuneration, attorney fees, appraisal charges, liquidation expenses including commissions, and incidentals.
These drawbacks are completely avoided if you utilize a revocable living trust as the centerpiece of your estate plan. You can act as the trustee and beneficiary while you are living, and you name successors to assume these roles after you pass away. In the trust declaration, you leave behind instructions to the trustee with regard to the way that you want the assets to be transferred after you are gone.
You have the ability to instruct the trustee to distribute assets incrementally; you are not required to allow for lump sum distributions. This is another advantage that a living trust provides over a last will. To prolong the viability of the trust, you could allow for a certain amount be distributed every month so the principle can continue to earn income and replenishes the trust.
When the time comes, the trustee would follow your instructions and handle all of the estate administration tasks. The process of probate would not be a factor.
If you do not have an estate plan in place, or if your existing estate plan has not been updated in a long time, you should definitely come into our office for a consultation. We will get to know you, gain an understanding of your situation, and make the appropriate recommendations. You can send us a message to request an appointment, and if you like to speak with us over the phone, our number is 775-823-9455.
Often, the smallest things have the most sentimental value. Your grandmother’s silverware or your grandfather’s railroad watch could connect you to them in a special way. Your mother’s ring or your father’s Boyscout bugle could hold a special place in your heart. Your sports memorabilia could connect you to one of your children in a unique way. You may want those items to go to particular beneficiaries who will cherish their sentimental value as you have. There’s an easy and flexible way to do that.
When your will or trust is drafted, it can include a disposition of “tangible personal property” through a list external to the document. Tangible personal property includes things you can touch, like the items listed in the paragraph above. It does not include real estate or intangible assets like bank accounts, cash, etc.
In most (if not all) states, if your will or trust references a tangible personal property list external to the will or trust, the list is valid to transfer the items detailed on that list to the beneficiary identified. The list would reference your will or trust and would provide for the disposition of the specific item of tangible personal property with a description of the item and to whom it should go. The list must be signed and dated every time you update it.
The unique thing about the tangible personal property list is that it does not need to be executed with the formalities of a will or trust. For example, the list does not need to be witnessed or notarized, even though the document referencing the list needed additional formalities. If you change your mind, you can simply update the list and sign it and date it again.
The list is an easy and flexible way to earmark items to your desired beneficiary. The flexibility can be important. Let’s say that you have an athletic daughter and you were leaving all your sports memorabilia to her. Then, your grandson earns an award in a swimming event. You may want to decide to give your diving trophy to your grandson since it’s a way for him to remember the special bond you share. You can simply update the list with the new disposition and sign it and date it.
When you lose a parent, it can be one of the most emotional times of your life. Despite the grief, there will be estate administration matters that must be addressed. If a decedent leaves a Last Will it will be admitted by the Court for a probate process. If the decedent died without a Last Will or living trust the estate will go through a similar probate process. Although each state has slightly different procedures and rules, there are a few common things you should know that may help you understand the process and determine whether your parent’s estate must be probated.
If a Last Will was not found, then the laws of intestacy of the state with jurisdiciton over the estate will be applied. If a Last Will was discovered then the estate will distribute to the beneficiaries identified in the Last Will. The size of the estate and the type of assets involved often impacts what type of probate process is required.
Nevada offers a form of less formal probate know as a set-aside administration for uncomplicated estates valued at less than $100,000. Although a Court hearing is required, this process can usually be accomplished in a matter of weeks.
A more formal probate process will be required those estates with values exceeding $100,000. This process will take months and sometimes years to complete and can cost the estate a significant amount of money. Some assets, such as life insurance proceeds or retirment funds, which already have beneficiaries identified, may not have to pass through probate.
Contact a qualified estate planning and probate attorney to learn more about the probate process.
Most of us assume that anyone worth millions of dollars would certainly go to the trouble of creating a comprehensive estate plan, or at the very minimum a Last Will and Testament. As with many assumptions, that one would be incorrect. A surprising number of the rich and famous have died intestate, or without leaving behind a valid Will, including the following:
Sonny Bono: Best known early on as half of “Sonny and Cher”, Bono later went on to become the mayor of Palm Springs, California and a member of the U.S. House of Representatives before dying in a tragic skiing accident in 1998. Bono did not leave behind a Will. Shortly after his death, his wife and mother became embroiled in a legal battle over Bono’s estate.
Steve McNair: The NFL star was shot and killed by an alleged girlfriend at the age of 36. McNair left behind a family and a fortune, but no Will.
DJ AM: Although this name may only be familiar to those of a certain age group, the famous DJ died of a drug overdose in 2009 without having executed a Will prior to his death.
Howard Hughes: The eccentric billionaire who was worth in the neighborhood of $2.5 billion when he died in 1976 failed to leave behind a Will. Although one was produced after his death, it was later determined to be a forgery. Eventually, 22 cousins inherited Hughes’s fortune.
Pablo Picasso: The famous artist died at the age of 91 leaving behind homes, cash and artwork valued in the millions, but did not leave behind a Will. Six years later, at an estimated cost of $30 million, his estate was settled.
You may not be famous or rich, but if die intestate you leave the problems for the courts and the state to decide. It leaves children unprotected, special people in your life disappointed and causes undue financial expense on the estate.
In many cases, you will know if someone has nominated you as executor in their Last Will and Testament because they will have discussed the appointment with you. Sometimes, however, a person fails to discuss their plans ahead of time, resulting in a surprise telephone call letting you know that you are appointed as the an executor. If this happens, what do you do?
First, don’t panic. A nomination is just that -- a nomination. You are under no legal obligation to accept the position. If you do not feel that you can serve as the executor, or do not want to serve, you may decline the nomination.
If you decide to accept the nomination, there are several basic things that will need to happen afterwards. Unless someone else has already done so, you need to petition the appropriate court to probate the decedent’s estate.
Next, you should marshall and safeguard the estate assets to the best of your ability. Eventually you will also need to thoroughly inventory and value the estate assets.
Finally, if you have not already done so, you should retain professional help. Depending on the size of the estate, you may need the assistance of an attorney as well as other professionals in order to properly administer the estate. Typically, reasonable fees associated with professional services you use in order to probate the estate are paid for out of the estate assets . If you find yourself in ths situation, consult with an estate planning attorney as soon as possible to learn of all your fiduciary obligations.
A comprehensive estate plan that was well prepared will include a funeral plan. By creating a funeral plan you will spare your loved ones additional grief and ensure that your wishes are carried out. Once written down, be sure to leave a copy with the trustee or executor of your estate and your estate planning attorney. Consider including the following information in your funeral plan:
A little advance planning can make a very difficult time for your faily much easier.
The voice behind the famous song I Will Always Love You, was found dead of unknown causes in the bathtub of her hotel room just hours before the Grammy Awards. The untimely death of the 48-year old singer/actress comes after a decade of personal troubles including drug and alcohol addiction as well as the end of her highly publicized relationship with Bobby Brown. Just hours after her death, sales of anything “Whitney Houston” started to soar. The ultimate value of her estate has yet to be determined; however, it is clear that, as has been the case with other artists, her death may cause her popularity, and therefore her wealth, to increase substantially. The death of the once darling of both the screen and the radio reminds us all of how important it is to create an estate plan.
People often make the mistake of thinking that creating an estate plan is not necessary unless you have a substantial estate at the time. What many people don’t realize, however, is that the value of your estate can soar at any time. Unfortunately, as the untimely death of Houston reminds us, death can also strike at any time. The seed you plant today, whether it is an investment, life insurance, law suit or fledgling business, could be worth a small fortune tomorrow. Those “seeds” will become part of your estate upon your death. Even if they are not worth a substantial amount at the time of your death, they may continue to grow after your death. Deciding who will receive those assets, therefore, becomes important. The only way to ensure that your assets will be handled in the manner you intend is to create a comprehensive estate plan today.
