So, you did a will, trust, or even a full estate plan. Great! Is it fully funded? Do you understand what that means? Have your financial circumstances changed such that your assets are different today than they were five years ago when you did your will? If you have not also changed your will (or trust) to adjust for these changes, your family could pay the price.

The Three to Five Year Rule

We recommend that you have your estate plan (will, trust, living will, power of attorney, etc.) reviewed every three to five years. Unless you are more diligent than most of us, you are probably leaving things out of your estate plan if you do not have your plan reviewed regularly.

Read More “How Do You Know When It Is Time to Have Your Will or Trust Reviewed?” »

Jay Young

Hon. Jay Young (Ret.) is a retired judicial officer with decades of experience presiding over complex civil litigation matters. Following a distinguished career on the bench, Judge Young now serves as a mediator, arbitrator, and court‑appointed special master, and discovery referee.  Judge Young brings a disciplined, impartial, and results‑oriented approach to dispute resolution. Judge Young is based in Nevada and accepts appointments statewide and nationally, subject to agreement or court order. He can be reached at 855.777.4557 or info@armadr.com

Known for judicial temperament, analytical rigor, and practical problem‑solving, Judge Young assists litigants and counsel in resolving high‑stakes disputes efficiently and with integrity and employing best practices. He is recognized by U.S. News and World Report’s publication Best Lawyers as Arbitration Lawyer of the Year.

nevadalawinfo.wordpress.com

I tried for 15 years to get my friend to do some basic Estate Planning.  I urged him, at a bare minimum, to create a will.  Better, do a full estate planning package: will, living trust, etc.  He assured me he didn’t need my help, and that he had everything “under control” without spending money on an attorney to do a Will and a Trust.  My friend died and I had to help his widow through the financial mess he left behind.  So far, his mistake has cost his widow over $100,000—and it was completely avoidable.

My friend was an extremely intelligent man and very capable in many ways.  But he did not have things “under control”.  Now, his widow will have to spend thousands of dollars in attorney fees, put his estate through probate, and lose almost 1/3 of the assets they worked so hard to accumulate.  His widow is learning through my friend’s mistakes that if you do not have an estate plan, the State will determine who gets your assets, not you.

This article gives an overview of the ways one may transfer assets upon his or her death, discussing the risks and rewards of each method in Nevada.  We will also discuss the estate planning tools that are available to you to avoid the risks associated with each transfer method.

Read More “What Happens To My Stuff When I Die?  Estate Planning Made Easier” »

Jay Young

Hon. Jay Young (Ret.) is a retired judicial officer with decades of experience presiding over complex civil litigation matters. Following a distinguished career on the bench, Judge Young now serves as a mediator, arbitrator, and court‑appointed special master, and discovery referee.  Judge Young brings a disciplined, impartial, and results‑oriented approach to dispute resolution. Judge Young is based in Nevada and accepts appointments statewide and nationally, subject to agreement or court order. He can be reached at 855.777.4557 or info@armadr.com

Known for judicial temperament, analytical rigor, and practical problem‑solving, Judge Young assists litigants and counsel in resolving high‑stakes disputes efficiently and with integrity and employing best practices. He is recognized by U.S. News and World Report’s publication Best Lawyers as Arbitration Lawyer of the Year.

nevadalawinfo.wordpress.com