Tips for planning your will

On Behalf of | Jun 23, 2015 | Wills

Writing a will can feel like one of the most morbid things you’ll ever do, especially when you write it when you are young. Yet wills are one of the most important documents a person can pen. Knowing where to start and how to create a sound estate plan can feel tricky, but it does not have to be.

First, sit down and really get started. It is easy to make excuses to “do it tomorrow,” but tomorrow often becomes next week, then next year. If you are not sure where to start, have a conversation with your attorney. They will be able to draft a solid will for you that can be modified as needed down the road. 

Next, decide who gets what. Leaving things out of your will can leave estate administration up to the state of Nevada, which is not always best for your heirs. Have a conversation with your family; someone may be particularly fond of the china collection or the armoire, and you can take their desires into consideration. You will also need to decide how any debts will be paid, and who is responsible for any posthumous charitable donations.

Finally, Nevada does not have an estate or gift tax, unless the amount transferred in the will is more than $5.34 million. It is important to talk with an attorney about your estate if it is worth more than that limit, as there are complexities surrounding these laws.

If you need assistance with will planning, an expert lawyer may be beneficial to work through the process.