Pour over wills are used to transfer assets from a living will to a trust after an individual’s death. This simplified process works to preserve the assets outside of the trust so heirs and beneficiaries can still benefit from them. Interested parties are entitled to petition the court to have these assets transferred without the need for probate administration. A Nevada probate lawyer can provide experienced guidance throughout this process.
Purpose of Set Asides for Pour Over Wills in Nevada
Pour over wills are designed to direct assets into a trust that is outside of it at the time of the decedent’s death. With a set aside, personal representatives are able to petition the court to transfer the assets into the trust without having to go through probate. This creates a simplified process so the assets and probate can be settled sooner.
Unlike set asides for small estates, set asides for pour over wills do not have to be valued at $100,000 or less. As long as their transfer is approved by the court, assets of any value can be transferred to a trust, according to NRS 146.070.
Parts of the estate may still require fees, debts, and deductions taken from it, so not all assets may transfer to the trust. This is especially true when notice is not provided to the appropriate parties. It is important to seek legal counsel to gain clarity on what your obligations are during this process so you do not lose assets that are rightfully yours.
Initiating a Set Aside Petition for a Pour Over Will to a Trust
According to NRS 164.033, an interested party may submit a petition that outlines the authorization and purpose of the request. Notice must be provided to interested parties, as well as the Attorney General, 30 days before the hearing takes place. Similar to other probate processes, the court reviews documentation and statements from interested parties to decide on the outcome via a hearing. If permission is granted, then the assets will be transferred into the trust.
If any interested party feels that the court’s decision was unfair, they have the right to appeal the decision within 30 days after it has been issued. An appeal notice must be filed with the appropriate appellate court, and all interested parties must be notified of the appeal. The appellate court will review the original case and decide whether to uphold the previous decision or reject it and require further review.
Navigate Set Asides for Pour Over Wills With Simplifying Probate
To ensure the safe transfer of your assets into a trust, consult a qualified lawyer who can guide you through the proper legal process efficiently and effectively. Set asides for pour over wills may be nuanced, and representation makes sure your assets are not vulnerable to creditors and other unwanted parties. Book an appointment with our firm to learn more about this process and your eligibility.