On June 2, 2017, Assembly Bill 314 was approved by the Governor and will become Nevada law on October 1, 2017. Assembly Bill 314 has been in the works for the past two years by the Probate and Trust Section of the Nevada bar. The new Nevada law makes positive changes to existing probate and trust law in Nevada.
Some of the major provisions of the bill include:
- Increasing the judgment exemption amount for Individual Retirement accounts from $500,000 to $1,000,000;
- Allowing the court to release Testamentary Trusts from on-going court supervision;
- Clarifying the existing no-contest laws;
- Explaining the rights of creditors related to non-probate transfers;
- Creating law to allow individuals over the age of 18 to authorize another person to order a burial or cremation in the event of his or her death; and
- Amends and clarifies many important issues relating to probate and trusts.
We are excited for the passage of Assembly Bill 314 and expect the new bill will make positive changes for our clients.