Jesse Kalter discussed common terms associated with Wills and Trusts:

Testator/Testatrix (the person who makes a will)

Executor/Executrix (the person who executes the terms of your will and administers your estate)

Attorney-in-Fact (a person who serves you under a power of attorney)

Tangible Property (touchables, personal items)

Residue/Residuary (property left after specific gifts are distributed in an estate or trust).

Will requirements in Nevada:

Will needs to be in writing; needs to be signed and need to have two witnesses.  Witnesses cannot be named as a beneficiary in the will.

Conditional Inheritance: You are leaving something to someone with conditions.

Electronic Will: Created and maintained in an electronic record.

Holographic Will: Signature, date and material provisions are written by the hand of the Testator.  Does not need to be notarized or witnessed.

Oral Will is not valid.

Attorney needs to know the following in preparing a Will or Trust:

Executor/Executrix

Spouse name

Children’s names

Specific bequests

List of heirs

Cremation/Burial

Funeral/Celebration of Life

To revoke a Will, it is best to destroy it in the presence of someone or make sure to tell someone you are doing a new Will

If you don’t have a Will, the state dictates distribution.

Durable Power of Attorney for Healthcare appoints someone to make healthcare decisions on your behalf if you are unable to.  Two witnesses are needed.

Living Will delineates your wishes specifically.  Two witnesses are needed.

Wills vs. Trusts:

With a Will, you need to go to Probate Court.

Real property can be held by the Trust.

With a Trust, you do not need to go to court.

A Trust is effective immediately.  It will cost now as opposed to a Will which costs after 

due to having to go to Probate Court.

A Trust is very complete.  It lists everything.

Levels of Probate:

Set Aside is for estate value under $100,000 

Summary Administration is for estate value between $100,000 – $300,000

General Administration is for estate value $300,000 plus