Frequently Asked Questions
The following information is provided for your general information only. It is not, nor is it intended as legal advice. You should contact an attorney for legal advice regarding your individual situation. Your review of this website does not create an attorney/client relationship.
Q. DO I NEED A WILL?
A. Every person should have a proper Will to control the disposition of their property upon their death. Without a Will, the State of Nebraska's laws will decide who inherits your property.
Q. CAN I PROVIDE FOR MY CHILDREN IN MY WILL?
A. Yes. One of the major reasons young parents make a Will is to appoint a Guardian and Conservator for their minor children in case the parents would die during their children's minority. By appointing a Guardian/Conservator for their minor children in their Wills, it is not necessary that the State become involved in the placement of their minor children if the parents would pass away.
Q. SHOULD I HAVE A TRUST IN LIEU OF A WILL?
A. It is never a good idea to just have a Trust and not a Will. A Will will dispose of property that has not been transferred into the Trust. It is common that some assets are never transferred into the Trust and thus the Trust will not control their disposition. If you have a Trust, it is good practice to also have a Will.
Q. DO I NEED A TRUST?
A. A Trust can be useful for certain individuals, but it is not needed by many people. You should consult your attorney about whether your individual situation will warrant the cost of preparing a Trust for you.
Q. IF I JOINTLY OWN OR AM A BENEFICIARY ON ALL OF MY PARENTS' PROPERTY, WILL I OWE NEBRASKA INHERITANCE TAX UPON MY PARENTS' DEATH?
A. Many people have the misconception that they owe no Nebraska Inheritance Tax unless their parents' estate is probated in the County Court. This is not correct. A person can owe Nebraska Inheritance Tax even if they come into possession of property or financial accounts due to the death of the co-owner and no probate or Estate proceedings are conducted. Nebraska Inheritance Taxes not paid are liens on any real estate owned by the deceased and draw interest at 14% if not paid within one year from the date of death. Nebraska Inheritance Tax laws have several exemptions which can decrease or eliminate the Inheritance Tax. You should consult with your attorney to determine if Nebraska Inheritance Tax could be due in your situation.
A. Every person should have a proper Will to control the disposition of their property upon their death. Without a Will, the State of Nebraska's laws will decide who inherits your property.
Q. CAN I PROVIDE FOR MY CHILDREN IN MY WILL?
A. Yes. One of the major reasons young parents make a Will is to appoint a Guardian and Conservator for their minor children in case the parents would die during their children's minority. By appointing a Guardian/Conservator for their minor children in their Wills, it is not necessary that the State become involved in the placement of their minor children if the parents would pass away.
Q. SHOULD I HAVE A TRUST IN LIEU OF A WILL?
A. It is never a good idea to just have a Trust and not a Will. A Will will dispose of property that has not been transferred into the Trust. It is common that some assets are never transferred into the Trust and thus the Trust will not control their disposition. If you have a Trust, it is good practice to also have a Will.
Q. DO I NEED A TRUST?
A. A Trust can be useful for certain individuals, but it is not needed by many people. You should consult your attorney about whether your individual situation will warrant the cost of preparing a Trust for you.
Q. IF I JOINTLY OWN OR AM A BENEFICIARY ON ALL OF MY PARENTS' PROPERTY, WILL I OWE NEBRASKA INHERITANCE TAX UPON MY PARENTS' DEATH?
A. Many people have the misconception that they owe no Nebraska Inheritance Tax unless their parents' estate is probated in the County Court. This is not correct. A person can owe Nebraska Inheritance Tax even if they come into possession of property or financial accounts due to the death of the co-owner and no probate or Estate proceedings are conducted. Nebraska Inheritance Taxes not paid are liens on any real estate owned by the deceased and draw interest at 14% if not paid within one year from the date of death. Nebraska Inheritance Tax laws have several exemptions which can decrease or eliminate the Inheritance Tax. You should consult with your attorney to determine if Nebraska Inheritance Tax could be due in your situation.
