Las Vegas Estate Planning Law Blog

Some people in Nevada have enough faith in the future of science to consider having themselves frozen when they pass away with the hope of someday coming back. For individuals seriously exploring this option, the thought of waking up with no available assets or funds is a valid concern. Surprisingly, there's actually a trust that can address this particular unique need of people who prefer self-preservation. It's referred to as a future income or revival trust.

Specifically, what's commonly termed a revival trust allows an individual to set aside assets that would be available should they be able to live a second time. It also specifies how a trust holder's money will be administered while they are in a frozen state. There's no data available on how many people have opted to create trusts of this nature. However, some 400 humans have been cryonically preserved, and roughly 1,500 people have opted to make such arrangements to do so when they pass away.

People in Nevada have likely heard of the death of actor Luke Perry. Perry died at age 52 after he suffered a massive stroke. He was placed on life support for one week, and his family made the decision to remove life support after he suffered a second stroke because it was clear that he would not recover.

As tragic as Perry's story might be, it offers some important lessons for estate planning. Perry reportedly drafted a will in 2015 after he had a colorectal cancer scare. His doctors found precancerous polyps in his colon, prompting him to complete his estate plan.

Nevada residents typically feel relief and satisfaction when they complete their estate plans. These important decisions and documentation, however, might not meet their needs forever. Changing circumstances and life events could make portions of an estate plan obsolete, ineffective or inconvenient.

Marriage and divorce represent two life events that call for alterations in an estate plan. When planning a marriage, the two people can discuss their current finances and decide how to distribute their assets in the event of death. Divorce naturally prompts most people to replace their ex-spouses as beneficiaries. Overlooking important updates when marital status changes could create unwanted results like leaving the distribution of an estate up to a judge. For example, the death of a husband and father without a will might require a judge to split the estate between the surviving spouse and the children. If the children are minors, then the mother would need to become the guardian of their finances and prepare financial statements for the court every year.

Perhaps you heard that a will is your final chance to provide instructions to those you leave behind. In this document, you distribute your property and may even express other wishes as well.

The problem is that your will may not be the appropriate way to distribute a particular piece of property or the right place to leave certain instructions.