Writing a will is one of the most important things you will do in your life to ensure your loved ones are taken care of if you should pass away.
In Nevada, if you pass away without a will, then the state will be forced to implement intestate succession laws. That means the state — not you — will decide who receives everything from the money in your bank account to your personal mementos.
What are some key things to remember when you’re about to write your will?
While there are a lot of different decisions that you have to make, it is helpful to remember the following tips:
- Never create the will on your own: It may seem tempting to just jump onto any website that offers free templates for drafting a will, but this is the wrong approach. Seeking professional assistance will save you money in the long run by avoiding costly mistakes and lowering the tax liability of your estate.
- Take an inventory of all your assets: Take your time to ensure you include everything in the will, including any family heirlooms, personal collections and sentimental items you want to pass on.
- Remember that jointly owned property won’t be part of your will: Anything you own as a tenancy-in-common with another and anything over which someone has survivorship rights will pass to them automatically upon your death.
- Any account that has a named beneficiary supersedes the will: Again, if you name someone as the beneficiary on your 401k or IRA account, you cannot leave that account to someone else in your will.
As much as we all like to think that we will live forever, we know that this is not the reality. To ensure your property gets into the proper hands and that your loved ones are well taken care of when you depart, it helps to have some experienced legal guidance as you make your estate plans.