People who form living trusts for the sole purpose of avoiding probate are often sadly surprised. Here is just one example:
The Settlor lived in Washington and owned property in Nevada. He did up a living trust and provided in Schedule A that the Nevada property was in the trust. However, he did not record a deed in Nevada from himself to his living trust before he died.
The successor Trustee went to the Washington probate court and got an order that put the Nevada property into his trust. He then tried to record that order in Nevada public records, but recordation was refused on the grounds that a Washington Court cannot change title to Nevada property. Had recordation occurred, the title company would likely have excepted.
Continue reading “Trusts can be probated. Common example.”
It often takes a failed marriage or two before someone is convinced of the value of a pre-nup. A pre-nup before the second or third marriage, while much more common than a first-marriage pre-nup, is something akin to locking the barn door after one of the horses has escaped.
We have a page on this site which discusses pre-nups in detail, which shows that under Nevada law, a pre-nup can deal with almost any issue that is likely to come up in the marriage.
Continue reading “First Marriage Pre-nups”
Perpetuity Per‘pe*tuȷi*ty, n. [L. perpetuitas: cf. F. perp[‘e]tuit[‘e].] 1. The quality or state of being perpetual; as, the perpetuity of laws.
And yet we should, for perpetuity, go hence in debt. Shakespeare.
Most states have a rule against perpetuities, designed, basically, to keep folks from ruling from the grave.
No interest is good unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of the interest.
is how John Chipman Gray, formulated it in 1886.
Continue reading “Rule “against” Perpetuties”
On the theory that most who occasionally glance at this blog are human, we here at White Law Chartered occasionally get a little off-track. Today is such a day.
We constantly hear that we must do this or that, or eat this or that, to survive. But is survival what its all about? Isn’t quality of life in there somewhere? Unlike the U.S, the Nevada constitution guarantees us the right to pursue happiness along the way. Are these words meaningless trivia? You would think so as our governments rush headlong to keep us alive. Helmet laws, seat belt laws, drinking laws, smoking laws may keep us healthy, but is longevity what life is all about? Isn’t freedom in there somewhere?
Continue reading “Eat, Drink and be Merry”