Legal Question in Wills and Trusts in Nevada

Re: Power of Attorney while living and transfer of property upon death

Here is the new law, confirming your father's contentions: http://www.leg.state.nv.us/NRS/NRS-111.html#NRS111Sec109

NRS 111.109 Conveyance by deed which becomes effective upon death of grantor.

1. The owner of an interest in real property may create a deed that conveys his interest in real property to a grantee which becomes effective upon the death of the owner. Such a conveyance is subject to liens on the property in existence on the date of the death of the owner.

2. The owner of an interest in real property who creates a deed pursuant to subsection 1 may designate in the deed:

(a) Multiple grantees who will take title to the property upon his death as joint tenants with right of survivorship, tenants in common, husband and wife as community property, community property with right of survivorship or any other tenancy that is recognized in this state.

(b) A successor in interest to the grantee. If a successor in interest is designated, the deed must include a provision stating the condition precedent for the interest of the successor to vest.

3. If the owner of the real property which is the subject of a deed created pursuant to subsection 1 holds the interest in the property as a joint tenant with right of survivorship or as community property with the right of survivorship and:

(a) The deed includes a conveyance of the interest from each of the other owners, the deed becomes effective on the date of the death of the last surviving owner; or

(b) The deed does not include a conveyance of the interest from each of the other owners, the deed becomes effective on the date of the death of the owner who created the deed only if the owner who conveyed his interest in real property to the grantee is the last surviving owner.

4. If an owner of an interest in real property who creates a deed pursuant to subsection 1 transfers his interest in the real property to another person during his lifetime, the deed created pursuant to subsection 1 is void.

5. The provisions of this section must not be construed to limit the recovery of benefits paid for Medicaid.

(Added to NRS by 2003, 2507)

Re: Power of Attorney while living and transfer of property upon death

Mr. Malikowski correctly directed you to the new law the Nevada Legislature created in 2003. Unfortunately, I have tried to get such a deed composed for a couple clients to use as an estate planning vehicle, and have not yet found a local title company that is using a form approved by the County Recorder's Office. It looks like you are in or around Lovelock, and the Pershing County Recorder is even less likely to accept a newly-generated form with which they almost surely have no experience. You may be in for a little bit of struggle getting such a deed recorded, but an attorney who has a form bank at his/her disposal (and experience educating County bureaucrats) should be able to assist you in finding a form the Recorder will accept.

This is a neat new device that can help your parents avoid the necessity of a Living Trust or other estate planning document, so long as this property is their only substantial asset. It is likely, however, that they really need to consider forming a trust or other estate plan that comports with Canadian law, and the need for this deed could be rendered moot through those other means.

In other words, this does not apply to vehicles, accounts or other financial assets, or business interests. It does not entirely replace the need for a Living Trust, except for those who really own nothing but the piece (or pieces) of real estate they can deed this way.

As for "rights within the Association," I do not know how - other than an immediate Power of Attorney for asset management - your parents can presently grant that to you without transferring ownership of the land. This is, however, a pretty good option.

Rick

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