In Nevada, like many states, there are limited ways to avoid the probate process when it comes to real estate and what happens when someone passes away.
A Living Trust, a Deed and Transfer Upon Death
A Living Trust, prepared by an Estate Planning Attorney allows you to predetermine what happens to your assets upon your passing. Upon the death of the Trustee, the Successor Trustee has the ability to sign on behalf of the estate. Most people avoid getting a Living Trust due to not understanding the value and assume that it is cost prohibitive.
Joint Tenant and Community Property, with Right of Survivorship: By adding a family member or friend on title to the property this also avoids the probate process, however the person(s) added now have some control and must sign to relinquish their interest in the property before any transfer can be done. An example would be if mom and dad are getting older and wish to add one or more of their children to the title of the property except they are considering selling the property and do not want to have to ask for their child’s approval and signature.
Transfer Upon Death, also known as “Deed Upon Death” or “Beneficiary Deed”, The third way to avoid probate, with regards to real estate, is with a Deed which transfers the title to another person(s) only after the current owner(s) have died. The benefit of this Deed is that the current owner does not give up control of the property, nor do they need the consent of the person/people to whom the property will transfer. This can be much more cost effective, simpler, and faster than getting a Living Trust, and it can be rescinded and cancelled at any time without anyone’s consent.
If you have limited funds, and one (1) to three (3) properties, and wish to review options which pass your property to whomever you choose, the third option noted above may be a worthwhile alternative and solution for you.
None of the above is a substitute for consulting with an Estate Planning Attorney, and Certified Public Accountant.
Quick Claim USA, a Service Provider, and is not an attorney in the State of Nevada nor in any other state of jurisdiction. Service Provider is not licensed to give legal advice and may not accept fees for giving legal advice.
