Naturally, people prefer not to talk about death. This is one of the reasons many people have not developed estate plans. Unfortunately, not having an estate plan can have negative consequences for your family’s long-term future in Nevada.
What happens if I do not have an estate plan?
If you pass away in Nevada and never created an estate plan, the state will retain the authority to distribute your property based on intestate succession laws. This means the assets you intended to give to particular loved ones or to a charity, for example, may not end up in the intended hands.
Why should I have a will?
A will is a basic component of an estate plan. One of the main benefits of a will is that it enables you to avoid the lengthy process of probate. All estates have to go through probate, whether a will was created or not. However, if you have a will, this allows the probate process to go faster, as the court knows how you want your estate split. The probate court’s purpose is to administer your estate.
A will also makes it possible for you to minimize your estate taxes. The value of the assets that you pass down to loved ones or give to a charity will end up reducing your estate’s total value when it is time to pay your estate taxes.
Why else should I have a will?
Another major benefit of having a will is that you can actually disinherit an individual out of your will who otherwise would end up inheriting your property. For instance, if you do not have a will, your ex-spouse might end up inheriting some of your assets against your personal wishes.
A will is also an important tool if you are interested in making a donation or gift. Donations and gifts allow people’s legacies to live on, and they also reflect people’s personal interests and values. Furthermore, a gift that is valued at $13,000 or less is not counted when it is time to pay estate taxes, so you are actually also boosting your estate’s value for your beneficiaries and heirs to enjoy. A knowledgeable attorney in the state of Nevada can guide you through the process of developing an estate plan, including a will, that accurately reflects your wishes in the event of your death.