Older couples living in Nevada who have no children in many cases must plan their estates differently than couples with children. When there are no children or grandchildren to pass assets to, it can be difficult to decide where the assets should go. A husband and wife will likely structure their wills so that everything is left to the surviving spouse, but they also must decide what happens to their property once they are both gone.
A childless married couple may decide to leave their assets to friends, charities or a combination of both. In addition to naming heirs, an elderly couple must decide who will be the executor of their estates once they are both gone. A trusted friend or law firm may be named the executor of a testator’s estate. Whoever is chosen to be the estate executor will be legally bound to handle the estate as specified in the surviving spouse’s will.
A married couple’s estate plans should also take into account the possibility that a surviving spouse will not be able to handle estate planning affairs on their own. In the event that the surviving spouse does not have the desire to serve as the executor, an alternate executor or a power of attorney must be put into place.
An estate planning attorney may be able to help an elderly couple to draft their respective wills, set up trust documents and create powers of attorney. The attorney may help to ensure that the will takes all possibilities into account including the possibility of both spouses passing at the same time.