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Many people, particularly those with spouses or families, wonder whether to do a will or a trust, or either at all. My pages on Wills and Trusts are meant to address very general questions already, but Nevada’s new probate laws may affect your decision, depending on the anticipated value of your estate.
Read MoreOn October 1, 2015, new revisions took effect in Nevada’s law concerning foreclosures by homeowner’s associations (HOA’s). HOA foreclosures garnered much attention last year when the Nevada Supreme Court held in SFR Investments Pool 1, LLC v. U.S. Bank (139 Nev. Adv. Op. 75, 334 P.3d 408 [2014]) that NRS 116.3116 created what is commonly referred to as a “super-priority lien” with certain HOA assessments, where an HOA foreclosure could extinguish a first lienholder’s secured interest in the property. Thus, an HOA foreclosure on a super-priority lien could wipe out a mortgage holder’s interest secured by a first deed of trust.
Senate Bill 306 modified NRS Chapter 116.3116 with the addition or modification of various provisions, such as the following:
Read MoreYour estate should reflect your particular desires and circumstances. For example, if you do not own any real estate or significant assets, you may opt to simply have a will. Conversely, if you have a larger estate, you should consider a living trust.
In the event you choose to have a Last Will and Testament, various options exist.
Read MoreIf you are in need of a contract, in today’s age of the Internet, you might consider simply finding a sample or form contract online to save costs and cut corners. However, if you do not draft a contract wisely, you may end up paying more for litigation in the end than for legal counsel to draft your contract at the outset. The following are some reasons why drafting a contract without legal counsel could prove to be a mistake:
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