In 2019 approximately 100,000 people moved from the Golden State to the Silver State. It’s little wonder that one of the most common questions we’re asked is whether a living trust, prepared in California, is valid in Nevada. A California trust is valid in Nevada if the trust was valid when created in California. The issues, arise, however, when a California trust references California law. Most, if not all trusts we see from California contain…
Beneficiary designations are contractual pay-on-death clauses for certain kinds of assets like life insurance and qualified retirement accounts as well as some brokerage and bank accounts. When the owner of the account or policy passes away the asset passes directly to the person designated. Life insurance and individual retirement accounts are generally never transferred into the trust because their designed to go straight to the designated beneficiary. When the owner dies these types of accounts…
If you hold title to real estate with a spouse or life partner, there’s a good chance the title will contain the words “joint tenants.” When two or more people hold title to property jointly, the deceased owners interest in the property passes to the surviving joint owner(s) according to the “the right of survivorship.” This type of joint ownership can be used for land, automobiles, bank accounts, and some other types of property. The…